Survey: 80% Malaysian Consumers Aim To Minimise Environmental Impact Of Their Consumption

Alex Cheong Pui Yin

14th November 2023 - 3 min read

An annual survey by digital payments service provider Visa has shown that Malaysian consumers are increasingly aware of the environmental impact of their consumption, including the way they make payments for their purchases. Revealed in its Consumer Payment Attitudes (CPA) study, eight out of ten Malaysian respondents – or 80% – also said that they will take steps to minimise their impact.

Of the figure, 39% said that they are already actively minimising the environmental impact of their consumption, while 41% said they plan to take steps towards responsible consumption. With regard to payment methods, specifically, the survey indicated that many consumers have come to view digital payments as being more eco-friendly, as compared to cash. They also ranked mobile wallets as being the most eco-friendly payment method (94%), followed by internet banking (93%), as well as credit, debit, and prepaid cards (90%).

It was also found that Malaysians highly prefer sustainable payment cards that are made from recycled materials, with 68% of the respondents saying that they favour such cards. In addition to that, 56% of them indicated that they are willing to donate a portion of their earned rewards points to support a range of environmental, social, and governance (ESG) initiatives.

Some key causes that consumers are willing to donate their points for include air and water pollution (41%), waste management and recycling (39%), and sustainability (37%). These are followed by societal causes, such as disaster recovery (26%), food for all (25%), and public health (19%).

Meanwhile, in terms of spending, 43% of the respondents said that they will actively support brands that invest in ESG and sustainability initiatives, with 15% adding that they are willing to pay extra to support such brands. Additionally, 63% of respondents expressed that they would like personalised education on sustainable consumption, advocating for an increase in awareness and guidance to enable responsible choices.

Country manager for Visa Malaysia, Ng Kong Boon said that Visa recognises this growing inclination among consumers, and as such, is dedicated to fostering responsible consumption. It is also eager to do so through more collaborative efforts, particularly via partnerships with like-minded businesses.

As an example, Kong highlighted that Visa had launched its Visa Eco Benefits solution last year, which allows cardholders of participating issuers and banks to calculate the carbon footprint generated by their transactions. The customer can then access options for carbon offsetting and charitable donations through their preferred bank’s website or application.

“Through these offerings of sustainable payment solutions, Visa aims to empower Malaysian consumers to align their financial transactions with their environmental values, allowing them to actively contribute to reducing their carbon footprint,” said Kong.

Visa’s latest CPA Survey – which saw 1,000 Malaysians being polled in October 2022 – was conducted as part of a regional research project that was carried out across Southeast Asia. In total, 6,550 consumers across seven markets participated in the project.

0 0 votes

Article Rating

Alex Cheong Pui Yin

Previously covered recruitment-related stories and had a short stint as a copywriter for the property industry. She subsequently developed an interest in investment and robo-advisors.

See all articles