Technology is advancing at a rapid pace, making our lives so much easier. Remember when we had to carry around cash for everything? Those days are long gone.
Now, with just a mobile phone, you can make payments through platforms or apps like digital wallets and mobile wallets. In Malaysia, some of the most popular mobile wallet apps are MAE, Grab Pay, CIMB, Touch N’ Go e-wallet, and Boost.
According to Adyen, Malaysia is leading the pack globally when it comes to using mobile wallets.
63% of M’sians prefer mobile wallets while shopping
Their 2024 report reveals that a whopping 63% of Malaysians prefer mobile wallets while shopping, the highest rate worldwide.
The survey, conducted from January 15 to February 1, was based on retail reports from over 38,000 shoppers and 13,000 merchants across 26 markets, including 1,000 consumers and 500 businesses in Malaysia, reported The Edge.
Interestingly, 41% of Malaysians have ditched their physical wallets and are now all about those convenient mobile payment methods like touch and pay.
73% of M’sians shop on social media about six times a month.
The survey found that a whopping 73% of Malaysians shop on social media, much higher than the global average of 44%.
“Malaysians also shop on these platforms about six times a month,” Adyen added.
Popular social media platforms in the country include Shopee, TikTok Shop, and Lazada.
Millennials are the biggest social media shoppers
Adyen also pointed out that millennials could be the biggest bunch of social media shoppers compared to other age groups, with a whopping 80% making purchases in the past year.
On the flip side, Gen Z users showed the most growth, with 17% of them being first-time shoppers in the last year. The survey also hinted that businesses are tweaking their strategies to match the ever-changing preferences of customers.
“Seventy-three percent of Malaysian retailers reported revenue growth after engaging in social commerce,” Adyen stated.
Their survey also found that 45% of users are more likely to stick with merchants who let them buy directly through social media platforms.
Meanwhile, Adyen Malaysia’s Country Manager, Soon Yean Lee, pointed out that these results suggest Malaysians are shifting towards digital payments and social commerce, with Malaysian consumers at the forefront of the global mobile wallet trend.
“To maintain customer loyalty and stay competitive, businesses must be agile in meeting these changing usage preferences,” he emphasised.
