A recent report by fintech platform Adyen has shown that Malaysia is leading the world in e-wallet use, with 63% of Malaysians using such payment options for their transactions. Revealed in the global Adyen Index 2024 report, it also highlighted various other payment and shopping preferences among Malaysians, including their inclination for quick and convenient ways of paying and the growing popularity social commerce among them.

The report – which drew its results from a survey of over 38,000 shoppers and 13,000 merchants across 26 markets – also noted that Malaysians are shifting away from physical wallets, with 41% now relying on mobile-enabled solutions like tap-to-pay. This has spurred merchants to invest in streamlined in-store experiences, such as kiosks and one-click checkouts.

Aside from that, the study found that social commerce (where you make purchases through social media platforms) has been growing in popularity among Malaysian consumers. 73% of those polled said that they have utilised social media for shopping, making about six transactions each month. In contrast, the global average of individuals who have shopped on social media platforms stood at 44%.

Additionally, millennials were found to be the most likely to shop on social media platforms, as compared to the other age groups, with 80% of them saying that they have made such transactions in the last 12 months. Gen Z, meanwhile, recorded the greatest growth, with 17% of shoppers being first-time buyers with regard to social commerce.

Interestingly, 45% of consumers polled also expressed loyalty to retailers who facilitate direct purchases via social media platforms. This highlights the significance of seamless omnichannel experiences when it comes to retaining customer loyalty.

Country manager of Adyen Malaysia, Soon Yean Lee stressed that as the retail landscape evolves, the integration of technology and personalisation is becoming increasingly important. “Our recent findings reveal a significant shift towards digital payments and social commerce with Malaysian consumers leading the global trend in mobile wallet usage. To retain customer loyalty and maintain competitiveness, businesses must be nimble in catering to these changing consumption preferences,” he said.

You can check out the full Adyen Index 2024 report here, where it also highlights various other insights, such as the impact of fraud on the operations and profitability of businesses, as well as how businesses are pivoting to streamline or automate their processes.

• TAGS:
• Adyen
• E-Wallets
• Soon Yean Lee
• Tap-to-Pay