Malaysia Cards and Payments – Opportunities and Risks to 2027

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Malaysia Cards and Payments Market Report Overview

The annual value of card transactions in the Malaysia cards and payments market is estimated to be $84.5 billion in 2023 and is expected to grow at a CAGR of more than 10% during 2023-2027. 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.

Malaysia Card Transactions Outlook, 2023-2027 ($ Billion)

Malaysia Card Transactions Outlook, 2023-2027 ($ Billion)

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The Malaysia cards and payments market research report provides a detailed analysis of market trends in the Malaysian cards and payments industry. It provides values and volumes for several key performance indicators in the industry, including cards, credit transfers, direct debits, and cheques during the review period. The report also analyzes various payment card markets operating in the industry. It provides detailed information on the number of cards in circulation, transaction values, and volumes during the review period and over the forecast period. It also offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also covers regulatory policy details and recent regulatory structure changes. It includes information on the payment instruments that are in use in the Malaysian market, the key segments within the market, as well as the companies associated with the Malaysia cards and payments market.

Annual Value of Card Transactions (2023) $84.5 billion
CAGR (2023-2027) >10%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·        Cash

·        Credit transfers

·        Cards

·        Mobile Wallets

·        Direct debits

·        Cheques

Key Segments ·        Card-Based Payments

·        E-commerce Payments

·        In-Store Payments

·        Buy Now Pay Later

·        Mobile Payments

·        P2P Payments

·        Bill Payments

·        Alternative Payments

Leading Players ·        PayPal

·        Samsung Pay

·        Apple Pay

·        Click to Pay

·        WeChat Pay

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Malaysia Cards and Payments Market Dynamics

In Malaysia, each individual holds an average of more than one debit card, driving the debit card penetration in the country. Banks offer various services to promote debit card adoption and usage including online bank account opening facilities and contactless cards. Additionally, Malaysia is among the fastest-growing e-commerce markets in Southeast Asia. The rapid adoption of smartphones, growing internet penetration, the availability of secure online payment systems, and the increasing number of online shoppers all supported this growth. As a result, digital payment solutions such as GrabPay, ShopeePay, and Touch ‘n Go eWallet have benefitted from this trend.

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Malaysia Cards and Payments Market Segmentation by Payment Instruments

Cash has the highest share in the market in volume terms in 2023.

The key payment instruments in the Malaysia cards and payments market are cash, credit transfers, cards, mobile wallets, direct debits, and cheques. Credit transfers lead the market in 2023 in terms of value and are settled via the Interbank GIRO and Instant Interbank Fund Transfer systems. The growing consumer preference for electronic payments poses a challenge to the cash-driven economy of Malaysia.

Malaysia Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

Malaysia Cards and Payments Market Analysis by Payment Instruments, 2023 (%)

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Malaysia Cards and Payments Market Segments

The Malaysian debit card market is dominated by Visa and Mastercard.

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.

Card-Based Payments: Even though cash is the preferred mode of payment in Malaysia for daily spending, card-based payments are gradually taking over. This is supported by various government initiatives including reduced interchange fees, the migration of payment cards to EMV standards to support PIN and contactless payments, rising POS terminal installations, and increased fees for cash withdrawals. Meanwhile, COVID-19 has further boosted digital payments in the country as consumers opt to avoid cash-based payments.

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Malaysia Cards and Payments Market - Competitive Landscape

Some of the leading players in the Malaysia cards and payments market are:

  • PayPal
  • Samsung Pay
  • Apple Pay
  • Click to Pay
  • WeChat Pay

PayPal: It is a money transfer and e-commerce payment provider that allows customers to transfer money from their bank account to their PayPal account to make online payments without using bank cards. PayPal offers automatic payments that allow customers to pay recurring bills, subscriptions, and installments from one platform.

Leading Malaysia Cards and Payments Players, 2023

Leading Malaysia Cards and Payments Players, 2023

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Segments Covered in the Report

Malaysia Cards and Payments Instruments Outlook (Value, $ Billion, 2019-2027)

  • Cash
  • Credit transfers
  • Cards
  • Mobile Wallets
  • Direct debits
  • Cheques

Malaysia Cards and Payments Market Segments Outlook (Value, $ Billion, 2019-2027)

  • Card-Based Payments
  • E-commerce Payments
  • In-Store Payments
  • Buy Now Pay Later
  • Mobile Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments

Scope

This report provides top-level market analysis, information, and insights into the Malaysia cards and payments industry, including –

  • Current and forecast values for each market in the Malaysian cards and payments industry including debit, credit, and charge cards.
  • Detailed insights into payment instruments including cash, credit transfer, cards, mobile wallets, cheques, and direct debits. 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 Malaysian 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 Malaysian cards and payments industry.

Reasons to Buy

  • Make strategic business decisions, using top-level historical 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.

BNM
BSN
CIMB
Hong Leong Bank
Maybank
Public Bank
United Overseas Bank
AmBank
HSBC
RHB Bank
Bank Islam Malaysia
Aeon Credit Service
Citibank
MyDebit
American Express
Mastercard
Visa

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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