Malaysia’s credit and charge card payments are expected to reach MYR255 billion ($59.6 billion) in 2026, reflecting a healthy growth of 4.8% compared to the previous year. This growth is driven by banks offering value-added benefits and instalment options, expanding banked population, and increasing consumer preference towards cashless payments, according to GlobalData, a leading intelligence and productivity platform.

GlobalData’s Payment Cards Analytics reveals that the credit and charge card payment value in Malaysia registered an estimated growth rate of 5.8% in 2025 to reach MYR 243.4 billion ($56.9 billion), driven by the rise in consumer spending.

Yasaswini Pujitha, Banking and Payments Analyst at GlobalData, comments: “Malaysian payment card landscape is dominated by credit and charge cards, accounting for 59.4% of the overall card payments value in 2026. While credit cards serve as the preferred instrument for medium to higher value spending, regulatory guidelines aimed at responsible lending help preserve credit discipline and mitigate the risk of excessive household indebtedness. Meanwhile, value-added benefits, wider adoption of contactless payments, and policy measures such as interchange fee caps are supporting greater uptake of credit and charge cards.’’

Rewards, discounts, and flexible payment schemes play a key role in driving credit and charge card usage in Malaysia. For example, UOB provides a Zero-Percent Instalment Payment Plan for its credit card holders. This program allows customers to convert purchases of MYR300 ($70.08) or more into interest-free instalments for up to 68 months at partner merchants. Additionally, HSBC Malaysia’s Live+ card offers up to 5% cashback on purchases across dining, shopping and entertainment, and up to 15% discounts at partner restaurants.

Regulatory reforms have played a significant role in facilitating credit card growth. The Malaysian central bank capped credit card interchange fees at 0.6%, helping to contain merchant costs and encourage broader card acceptance. Meanwhile, eligibility rules require credit card applicants to be at least 21 years old and earn a minimum annual income of MYR24,000 ($5,606.6). Additionally, those earning MYR36,000 ($8,409.9) or less are limited to cards from no more than two issuers. Such measures designed to curb over-indebtedness and encourage responsible use.

Yasaswini concludes: “The Malaysian credit and charge card payments market is expected to continue its upward growth trajectory over the next five years. Growth will be driven by the rising consumer spending, expanding contactless card payments, and enhanced value-added benefits including instalment plans, rewards and discounts. Regulatory support and higher financial inclusion are acting as further tailwinds. The credit and charge card market is expected to grow at a CAGR of 3.7% between 2026 and 2030 to reach MYR294.8 billion ($68.9 billion) in 2030.”