Contactless Payment Card Penetration to Gain Traction in Malaysia, Forecasts GlobalData in Its New Report Recently Added at MarketPublishers.com02 Aug 2017 • by Natalie Aster
LONDON – Though cash use remains relatively high in Malaysia, novel payment technologies are anticipated to gain traction in the short run. The major opportunity is to provide services and products that are easy to use, secure and convenient in order to boost digital payments penetration.
To promote payment cards adoption in Malaysia providers should use reward programs and merchant partnerships, and also educate the local consumers about the benefits and advantages of payment cards over cash.
Despite the moderate size in terms of absolute value, the e-commerce market in Malaysia is projected to witness impressive growth at a 16% CAGR through 2021, larger than the majority of countries in the Southeast Asian region.
Whilst contactless card technology in the country has already exceeded 37%, the complete transition to EMV standards with contactless functionality along with increasing number of educational campaigns by the country’s central bank are forecast to boost the contactless card penetration in Malaysia.
The new research publication “Consumer Payments Country Snapshot: Malaysia 2016” worked out by GlobalData presents a comprehensive overview of the consumer attitudes to financial services in Malaysia, reviews the main payments card types used in the country, uncovers updated statistics on card holding and usage. This topical report points out the top competitors in the Malaysian consumer payments market, discusses the recent trends and innovations in the country’s consumer payments market, touches upon the situation across different market segments. Additionally, the report includes an all-round future outlook through 2021.
Reasons to Purchase:
- obtain a clear understanding of the consumer payments market landscape in Malaysia;
- become informed about the key forces shaping the market;
- find out, what trends and factors drive consumer behavior in the country;
- understand the local consumers’ attitudes and preferences regarding payment methods and tools;
- become abreast of the recent innovations and product launches;
- learn, how the Malaysian consumer payments market scenario is set to change in the short run;
For many other topical research reports follow to the GlobalData catalogue.