The Malaysia card payments market is forecast to grow by 6.1% in 2025 to reach MYR408.5 billion ($89.3 billion), supported by the increasing adoption of electronic payments. The growth is being underpinned by government-led efforts to build digital payment infrastructure, rising adult banking penetration, wider access to bank accounts and payment cards, and the continuing expansion of POS acceptance, according to GlobalData, a leading intelligence and productivity platform.

GlobalData’s Payment Cards Analytics reveals that the total card payment value in Malaysia grew by 9.7% in 2024 to MYR385.2 billion ($84.2 billion), reflecting continued traction in card-based spending as financial institutions widened access to low-cost banking services and payment instruments. While the direction remains positive, the outlook is tempered by the risk of economic slowdown and geopolitical uncertainty linked to the US tariffs and related trade tensions, which may weigh on consumer spending.

Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “Malaysia’s card payments market is steadily building momentum as the ecosystem shifts toward electronic payments. The government has played a pivotal role through financial inclusion initiatives and pro-competition measures, while the continued build-out of payment acceptance infrastructure is making cards more usable in everyday transactions. At the same time, banks are improving affordability via basic bank accounts and expanding distribution through agent banking networks and digital channels, which is helping bring more consumers into formal financial services.”

Debit card payments account for 41% of total card payment value in 2025. Debit is gaining ground on the back of a rising banked adult population, easy access to payment cards linked to everyday accounts, and the availability of low-cost banking propositions. Banks are supporting entry-level access through basic accounts offered free or at minimal cost.

Financial inclusion is also being supported via agent banking, which helps expanding access to essential services such as cash deposits, withdrawals, fund transfers, and card usage, particularly in remote communities.

Credit and charge card payments, despite lower penetration, represent 59% of total card payment value in 2025. This reflects sustained consumer engagement, aided by banks’ reward programs, cashback offers, and instalment payment facilities.

Beyond product dynamics, Malaysia’s card market is being propelled by rapid scaling in acceptance, supported by low-cost POS propositions aimed at improving SME acceptance. For example, Hong Leong Bank offers POS terminals with NFC functionality to accept contactless cards, while CIMB offers merchant packages supporting credit and debit card acceptance via mobile POS terminals.

Sharma concludes: “Over 2025-2029, Malaysia’s card payments growth will be driven by the continued improvements in POS coverage, rising contactless usage, and ongoing efforts to expand access to affordable banking and card products—although economic and geopolitical pressures remain key downside risks to spending momentum. The total card payment value is forecast to rise from MYR408.5 billion ($89.3 billion) in 2025 to MYR538 billion ($117.6 billion) in 2029, implying a 31.7% increase over the period.”