20th April 2022 - 2 min read
Domestic Trade and Consumer Affairs (KPDNHEP) Minister Datuk Seri Alexander Nanta Linggi said that the usage of e-wallets has surged by 131% in 2020 compared to the previous year, with over 600 million transactions recorded.
The minister also quoted a report by the Payments Network Malaysia Sdn Bhd (PayNet), which noted that the use of cash payments among Malaysians in 2021 fell to 78% from 89% before the Covid-19 pandemic. “The statistics show that the adoption of cashless payment method has begun to be accepted,” he remarked.
Datuk Seri Alexander further stated that his ministry has also focused on encouraging the adoption of e-wallets among micro, small and medium enterprises (SMEs and MSMEs). This is in line with the government’s initiatives and agenda to spur digitalisation in the retail sector.
Aside from boosting the use of e-wallets among the public, the minister also reaffirmed that under the Malaysian Digital Economy Blueprint (MyDIGITAL), the government is setting its sights on onboarding at least 875,000 MSMEs into e-commerce. It is also seeking to create 500,000 business opportunities, targeted to contribute to 22.6% of the country’s Gross Domestic Product (GDP) by 2025.
“According to the Department of Statistics Malaysia, e-commerce transaction income rose 30% year-on-year in the first quarter of 2021 to RM254.6 billion,” the minister further said, highlighting the rapid growth of the e-commerce industry.
(Source: The Edge Markets)
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