Malaysians Overwhelmingly Choose Electronic Payments Over Cash
4-14-2017
Cash may be crashing in Malaysia. According to the 2016 Visa Consumer Payment Attitudes survey, Malaysians embracing electronic payments and based on the survey, Economist Yeah Kim Leng, of Sunway University Business School predicts that the country could go cash-less in about 5 years.
Seventy-four percent of those surveyed said they prefer electronic payments over cash, up 8% from 2015. Nearly half of respondents said that they owned a greater number of credit cards than they did just five years ago, and 68% said they were already using electronic payments more than cash.
Sixty-four percent cited security as their reason to migrate away from cash, believing that mobile and card payments are safer. Sixty-two percent also said they were comfortable with advanced authentication methods such as facial identification or fingerprint confirmation.
Read more on survey results here.
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The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.