Malaysia Cards And Payments Market Transaction Value, Volumes, Historical Trends, Analysis And Forecasts

“Malaysia Cards And Payments Market – Market Data Forecast”
Malaysia Cards And Payments Market – By Cards (Debit Cards, Credit Cards, Prepaid Cards), By Payment Terminals (POS And ATM’s), By Payment Instruments (Credit Transfers, Direct Debit, Cheques And Payment Cards) – Transaction Value, Volumes, Historical Trends, Analysis And Forecasts (2018-2023)

The Malaysian Cards and Payments instrument registered positive growth during the review period, recording a compound annual growth rate (CAGR) of 7%. In terms of transaction value, payment cards registered a review-period CAGR of 6.8%. Robust economic performance, improved banking infrastructure, new product developments and growing acceptance of card-based payments at POS terminals and on public transport were key factors driving growth. The adoption of Europay, MasterCard and Visa (EMV) standards, and the emergence of contactless technology also supported the growth.

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Credit transfers in Malaysia are relatively fast, and final settlements are usually made on the same day. Final settlements are made via Rentas (Real Time Transfer of Funds and Securities) for both low- and high-value credit transfers. Low-value and non-urgent credit transfers are processed through the IBG system before final settlement. In Malaysia, checks have the second-highest share of total payment instruments in terms of transaction value and are used for both retail and commercial purposes. The rising number of online shoppers and growing retail sector are expected to increase the value of card transactions over the forecast period. Enhanced security and increased convenience of using cards with technology such as EMV and NFC have supported growth of card-based transactions.

Direct debits allow a beneficiary to automatically debit a customer’s account on a recurring or one-time basis. In Malaysia, they are mainly used for lower-value and recurring payments such as electricity and utility bills.

The concept of mobile payments (m-payments) is also not very old in Malaysia and is still growing. The proliferation of mobile phones with internet capabilities and rising consumer demand for convenient payments are expected to fuel the growth of m-payments in the country over the forecast period.

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Payment cards are expected to register strong growth over the forecast period. Strong economic indicators such as real GDP growth, falling inflation and employment, rising nominal GDP per capita, and rising retail and online sales in the country are expected to drive growth. While leading card issuers push for growth by offering improved products and services and aggressive marketing campaigns, the government is also keen to encourage electronic payments.

List of Companies mentioned in Malaysia Cards and Payments Market report:

  • Malayan Banking Berhad
  • National Savings Bank
  • Public Bank
  • CIMB Bank
  • Islamic Bank
  • Citibank
  • Hong Leong Bank
  • HSBC
  • AmBank

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