Malaysia Cards and Payments – Opportunities and Risks to 2026

The Malaysia cards and payments market size is valued at $62.4 billion in 2022 and is expected to achieve a CAGR of more than 11% during 2022-2026. The Malaysian payments market remains cash-reliant but has high growth potential as it shifts towards digital payments. Government initiatives including the introduction of an interchange fee cap, the migration of payment cards to support contactless payments, charges on ATM transactions, and the expansion of payment infrastructure have all contributed to the ongoing digital transformation of the market. The availability of low-cost basic financial and banking services as well as banks expanding their reach via agent banking networks and digital banking channels have also supported growth.

The Malaysia cards and payments market research report provides a detailed analysis of market trends in the Malaysia cards and payments industry. The report provides values and volumes for several key performance indicators in the industry, including cash, credit transfer, cards, mobile wallets, cheques, and direct debits during the review period. It also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. Moreover, it offers information on the country’s competitive landscape, including market shares of issuers and schemes.

Malaysia Cards and Payments Market Overview

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Malaysia Cards and Payments Market Dynamics

Alternative payments are gradually gaining prominence in Malaysia. Apple Pay was launched in Malaysia in August 2022. The solution enables users to make in-store, online, and in-app payments. Users can store their debit, credit, and store card details within Apple Pay and use them to make payments. For in-store payments, users hold the Apple device near the payment terminal and authenticate the transaction via Touch ID, Face ID, or passcode. Apple Pay also allows online and in-app payments, which are authenticated using the same methods. In Bahrain, Apple Pay is supported by banks including AmBank, Maybank, and Standard Chartered.

Malaysia Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Malaysia cards and payments market are cash, credit transfers, cards, mobile wallets, cheques, and direct debits. Malaysia is traditionally a cash-driven economy, with cash accounting for the highest share of transaction volume. Amid the COVID-19 pandemic, mobile wallet adoption is on the rise. These solutions are increasingly gaining prominence, supported by the growing preference for contactless payments.

Malaysia Cards and Payments Market Analysis, by Payment Instruments

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Malaysia Cards and Payments Market by Segments

The key segments in the Malaysia cards and payments market are card-based payments, e-commerce payments, in-store payments, Buy Now Pay Later, mobile payments, P2P Payments, bill payments, and alternative payments.

Malaysia Cards and Payments Market - Competitive Landscape

Some of the leading players in the Malaysia cards and payments market are Maybank, BSN, Public Bank, CIMB, Hong Leong Bank, Bank Islam Malaysia, HSBC, RHB Bank, Aeon Credit Service, and AmBank.

Malaysia Cards and Payments Market Report Overview

Scope

This report provides:

• Current and forecast values for each market in the Malaysia cards and payments industry, including debit, credit, and charge cards.
• Detailed insights into payment instruments including cards, cash, direct debits, credit transfers, cheques, and mobile wallets. It also includes an overview of the country’s key alternative payment instruments.
• E-commerce market analysis.
• Analysis of various market drivers and regulations governing the Malaysia cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Malaysia cards and payments industry.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Malaysian cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Malaysian cards and payments industry.
• Assess the competitive dynamics in the Malaysian cards and payments industry.
• Gain insights into marketing strategies used for various card types in Malaysia.
• Gain insights into key regulations governing the Malaysian cards and payments industry.