Market Research Report
Top Mobile Payment Service Providers in Malaysia 2020 and their Reaction to the COVID-19 Crisis
|Published by||yStats.com GmbH & Co. KG||Product code||971188|
|Published||Content info||54 Pages
Delivery time: 1-2 business days
|Top Mobile Payment Service Providers in Malaysia 2020 and their Reaction to the COVID-19 Crisis|
|Published: November 10, 2020||Content info: 54 Pages||
"COVID-19 has accelerated Malaysian consumers' interest in mobile payments."
Supported by the Governments E-Wallet popularization programs during the outbreak of COVID-19, E-Wallet providers have flourished during the coronavirus pandemic. A survey cited in the yStats.com report reflects that two-fifths of Malaysian consumers have adopted E-Wallets, as of June 2020. This puts the country in the first place in E-Wallet adoption among Southeast Asian countries. Moreover, the number of digital wallets in the country had been constantly growing throughout 2019 and has especially accelerated after the outbreak of coronavirus this year.
Amid the pandemic in Malaysia, the top mobile payment providers were Touch 'n Go, Boost, GrabPay and BigPay. With that, Touch 'n Go was preferred for use by four in five Malaysian consumers in September 2020. At the same time, Maybank2u, an online payment service from the largest Malaysian bank, is maintaining its market position and attracts new customers by offering an all-in-one payment app in October 2020, as detailed in the yStats.com report.
Malaysian E-Wallet BigPay saw about five-times growth in remittance transaction volume via its platform amid the pandemic. Moreover, standard E-Wallet services are gaining momentum, as Malaysian digital wallet Boost has noted a doubling in the weekly transaction value of its users in August, compared to December 2019.
Touch 'n Go Sdn bhd, Boost Holdings Sdn Bhd, GrabPay, BigPay Malaysia Sdn Bhd, Samsung Pay.