Malaysia’s e-wallet and digital bank adoption has grown significantly in recent years. E-wallet usage in Malaysia has seen substantial growth, increasing from 25% in 2019 to a peak of 88% in 2024.
Moreover, the share of e-wallet (SOW) rose to 23% in 2024, compared to 10% in 2023. This increase may be attributed to government initiatives encouraging cashless transactions, which have contributed to a 9% decline in the share of cash. As e-wallets gain momentum, platforms like TNG eWallet and ShopeePay are continuously improving their systems, announcing the requirement for users to have an eKYC verification for their accounts starting December 2024. This move will enhance security and provide greater peace of mind for consumers.
On the other hand, the approval for digital bank licenses was announced in 2022, with only 5 being approved. As of the time of this article’s writing, 3 digital banks had officially launched, with GXBank being the first in September 2023. Despite being relatively new, awareness and familiarity with digital banks have consistently trended upwards since their launch. By Q4 2024, 93% of consumers reported being aware of digital banks, and 60% were familiar with them. It is anticipated that the next quarter will show a steady increase in these figures.
The infographic below will give you a better view of the e-wallet and digital bank scene in Malaysia, or you may hop into our full-length article here. If you would like to dig deeper into the data, feel free to contact us at theteam@oppotus.com!
