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.

Download and read the latest issue of Focus Malaysia here:
MINI Malaysia Introduces the New MINI Convertible

MINI Malaysia Introduces the New MINI Convertible in celebration of the 60th Birthday of MINI.

AmInvest with 3 Awards for Funds Management

AmInvest Recognised with Three Awards for Funds Management.