{"id":17831,"date":"2020-01-15T19:00:00","date_gmt":"2020-01-15T11:00:00","guid":{"rendered":"https:\/\/www.comparehero.my\/blog\/uncategorized\/digital-payments-malaysia.html"},"modified":"2026-03-27T11:05:40","modified_gmt":"2026-03-27T03:05:40","slug":"digital-payments-malaysia","status":"publish","type":"post","link":"https:\/\/www.comparehero.my\/blog\/e-wallets\/digital-payments-malaysia.html","title":{"rendered":"9 Digital Mobile Payments in Malaysia That You Need To Know About"},"content":{"rendered":"\n

It does seem that Malaysia is moving towards becoming a cashless society by 2050. Despite being 32 years away from that year, we are already witnessing the mushrooming of digital payment platforms in Malaysia. Currently, countries that top cashless transactions are our neighboring Singapore, Netherlands and France. It is also said to be all the rage in countries like China and India.<\/p>\n

Mobile devices have transformed the way we communicate and stay connected, and now it is also revolutionizing the world of retail and banking. Admittedly, Malaysians consumers are not yet embracing it as well as other countries, a study done by Nielsen<\/a> showed that 78% of Malaysians use their mobile devices for social media, while only 34% used it to purchase a product or service. So the take up rate of digital payment is still quite low in Malaysia. This could be due to safety concerns, as the same survey showed that 72% of Malaysians are concerned about security of mobile payment.<\/p>\n

A statement released by Bank Negara Malaysia (BNM) stated that among the reasons Malaysia is moving towards being a cashless society is for greater economic efficiency.<\/p>\n

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\u201cAccelerating the country’s migration to electronic payments (e-payments) to quicken the pace for the country to realise the resulting cost savings and benefits has become a part of the Bank’s agenda to increase the efficiency of the nation’s payment systems\u201d- Bank Negara Malaysia<\/a><\/p>\n<\/blockquote>\n

Adding to that, Khairy Jamaluddin, Youth and Sports Minister<\/a> said,<\/p>\n

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\u201cI think we cannot run away from how people will pay for things and how we will use cash and make transactions in the future, it will have to be cashless and contactless.\u201d<\/p>\n<\/blockquote>\n

We\u2019ve compiled a list of  all of the available and soon to be available digital payment platforms in Malaysia, and what you need to know about it. But before that, let\u2019s first understand the concept of cashless.<\/p>\n

What does cashless means?
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Digital payment or also known as going cashless may still seem as something foreign to most Malaysians. Therefore, it is crucial to first understand what it means.<\/p>\n

Payments are made using payment instruments. Cash and cheques for example, is a payment instrument. However, it is crucial to grasp the understanding that digital payments are not one instrument but rather an umbrella term applied to a range of different instruments used in different ways. This means there are various types of digital payment that provides cashless purchase for consumers such as:<\/p>\n