Malaysia Payments Market Share Rankings Announced

Below is the latest analysis of Malaysia's payments market share (data to 2023), combining the competitive landscape of card organisations, e-wallets and traditional payment methods:

1. E-wallets (ranking of mainstream platforms)

  • Touch 'n Go eWallet: Market share ~40% (over 20 million users, battling Grab for the top spot)
  • GrabPay: Share 35% (strong growth based on taxi/takeaway ecosystem)
  • Boost:: 15% (extensive coverage of localised scenarios)
  • the rest: Including ShopeePay, Maybank QRPay, etc. accounting for the remaining 10%

Note: E-wallet usage has overtaken bank cards as the fastest growing payment method in Malaysia.

2. Bank Card Organisation

  • Visa: Offline transactions account for more than 50% (international card dominance)
  • Mastercard:: 30%-35% (with clear advantages for online consumption scenarios)
  • UnionPay:: 10%-15% (Chinese tourists and cross-border payments drive growth)

3. Bank transfers and cash

  • DuitNow Instant Money Transfer(CBN-driven interbank system): penetration of 60%+

4. Bank transfers and cash (continued)

  • DuitNow Instant Money Transfer::

    • The real-time interbank transfer system led by Bank Negara Malaysia (BNM) has become one of the mainstream payment methods for individuals and small businesses.
    • market share: About 251 TP3T of electronic payments, with particular dominance in P2P transfers, bill payments and small transactions.
    • growth driver: The government promotes a cashless society by supporting DuitNow QR code payments and cross-border interconnection with PayNow Singapore.

  • FPX (Financial Process Exchange)::

    • Mainly used for e-commerce and large online payments (e.g. tuition, insurance, etc.).
    • portion: Accounts for more than 40% of online bank transfer transactions, but has a lower overall market share than e-wallets and card payments.

  • Cash utilisation declines but remains important::
    Despite the rapid growth of electronic payments, cash still accounts for ~30% of retail payments (with high reliance on rural areas and traditional small merchants).

5. BNPL (buy now pay later) emerging forces

  • Atome, Split, GrabPay Later and other platforms on the rise::
    Rapidly increasing penetration among young people and e-commerce consumers.
  • market share: BNPL accounts for about 8%-10% of online consumption and is expected to double by 2025.

6. Cross-border and speciality payments

  • Alipay/WeChat Pay.
    It mainly serves Chinese tourists and some Chinese merchants, covering high-end shopping malls and tourist areas.