iPay88 expects mobile devices to account for half of online transactions

Online payment solution provider, iPay88 Sdn Bhd expects mobile devices to account for 50 percent of the online transactions by year-end.

Business development director Chong Lee Kean said in the first quarter of 2016, over 40 percent of the online transactions recorded in Malaysia were from mobile devices compared with 38.4 percent recorded in 2015.

He said more companies were engaging in direct and instant connection with smartphone users through mobile application promotions, which is far more effective than the traditional e-mail or short message service.

"The increasing number of smartphone users and more affordable online plans offered by local telecommunication companies are also major contributors to the growth," he told Bernama.

Chong said iPay88's own survey revealed that up to 55 percent of cinema tickets were purchased through mobile devices during weekends.

"Most smartphone users are between 18 and 35 years old and no longer want to queue up to purchase tickets. They would rather buy them using their mobile phones," he said.

Chong said as 40 percent of Malaysian population were represented by the Generation-Y (those born between 1980 and 2000) and online shopping which was also known as mobile commerce, would grow rapidly in Malaysia in the near future.

"A recent study on the Internet showed that 73 percent of online shoppers in Malaysia preferred mobile shopping because it saved time, 69 percent said they could still multitask and 55 percent said they need not wait in line," he added.