Driving digital payments
Calyn Yap | 20 Jul 2018 00:30
Malaysia’s mobile payments industry may be in its early stage currently, but the landscape could see a drastic change in one to two years’ time.
At the moment, e-commerce contributes less than 5% to total retail spend, with the bulk of purchases still done offline. “We’re at a point where it’s like this [with the majority of retail spend being offline sales] but I think it’s going to be exponential in the next few years.
“Mobile payments can be even faster than e-commerce [adoption], because ecommerce is usually individual transactions but payments have a social element,” says Fave founder Joel Neoh.
There has been a rise in the number of mobile payment providers in the market in the past year, with the introduction of a few Chinese e-wallets, Axiata’s Boost, GrabPay as well as the launch of new cashless payment options by several banks here.
The government is also actively pushing for cashless transactions.
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