The latest Consumer Payment Attitudes (CPA) study by Visa has highlighted that 50% of Malaysians are carrying less cash in their wallets, and that as many as 70% have attempted to go fully cashless.

The study, conducted in October 2023 with 1,000 Malaysians between 18 to 65 years old, is the latest iteration of Visa’s study across Southeast Asia, and continues to highlight the evolving payment habits of the region.

The latest study further underlines how Gen Y or Millennials and Gen Z are driving this evolution, with both age groups being above the national average in adopting a fully cashless lifestyle (75% and 85%, respectively). This is complemented by the near-universal 91% adoption rate for card payments.

Visa’s study also revealed that this change is also accelerated by the increased adoption of digital and cashless payments by merchants. Commenting on the study’s findings, Visa Malaysia country manager Ng Kong Boon stated that the inherent benefits of digital payments for both merchants and consumers will continue to drive the adoption rate.

“Today, more than nine in 10 Visa transactions are contactless payments, compared to 2019 where it was slightly over 50 per cent,” he said.

It is no surprise then, that 40% of Malaysians believe the country will transition to a fully cashless society by 2030 or sooner.
(Sources: NST)

• TAGS:
• Cashless Society
• Digital Payments
• Visa
• Visa Consumer Payment Attitudes