Malaysians more digitally inclined, cash usage declined since COVID-19

Citing Mastercard Impact Studies, he said Malaysians' cash usage had declined to 64% since the beginning of pandemic COVID-19.

On the payments front following the pandemic, the studies showed that about 40% of Malaysian consumers reported increased use of mobile/digital wallets, followed by contactless debit cards at 26% and contactless credit cards at 22%, he said.

“The findings also showed that Malaysia led on the usage of mobile/e-wallets in Southeast Asia, ahead of the Philippines, Thailand and Singapore.

“This demands us to be even more digital in our approach,” he said in his speech at the signing ceremony of the memorandum of understanding (MoU) between Malaysia Digital Economy Corporation (MDEC) and Mastercard to spur payment digitalisation, here today.

According to a joint MDEC-Mastercard statement at the event, research conducted by Mastercard showed an uptick in the use and need of cashless payments in Malaysia in March and April this year.

“Malaysia's reported use of cashless payments was higher than in other Southeast Asia markets surveyed.

“For instance, in April, more than 18% of Malaysian respondents indicated they'd increased their use of cashless payments.

“During the same period, the figures in Thailand were 15%, in Singapore 15.75% and in the Philippines, 16.9%,” it said.