Payment methods in Malaysia
Between 2022 and 2023, the Malaysian e-commerce market will grow from US$10 billion to US$23 billion.
Market takeaways
- Between 2022 and 2023, the Malaysian e-commerce market will grow from US$10 billion to US$23 billion.
- The average Malaysian online shopper spends US$326 a year with e-commerce merchants, set to rise to US$685 by 2027.
- Malaysians use cards to pay for just 28% of their online purchases. For the rest they use cash and a variety of digital payment methods.
- Popular payment methods in Malaysia include GrabPay, Boost and bank-transfer app CIMB Clicks.
- Malaysians use mobile devices to complete 56% of their online transactions, making mobile optimization a must.
Population
33.0M
Online population
31.0M
B2C e-commerce
$10B
Banked population
90%
Credit card population
24%
E-commerce of total retail
9%
Payment method breakdown
- Card28%
- Cash6%
- Bank Transfer37%
- E-Wallet24%
- Other5%
Card scheme breakdown
- Visa58%
- Mastercard39%
- American Express2%
- Local schemes1%
- Other0%
Cross-border e-commerce
Cross-border shoppers
0%
Share of e-commerce
0%
Cross-border value (est.)
$5B
Featured payment methods in Malaysia
Popular options based on coverage and prominence in this market.
Touch 'n Go
A popular all-in-one fintech app that offers contactless payments, cashback, and microfinance services.
GrabPay
The payment component of the Grab super app, used for ride-hailing, food delivery, and e-commerce payments. It is widely accepted by over 100,000 merchants across Southeast Asia. Flow: User confirms in Grab app or via web redirect, funds are deducted from wallet or linked source, confirmation returned instantly.
All payment methods in Malaysia
Discover 2 payment methods from around the world
Featured banks in Malaysia
Major institutions operating in this market.
Maybank
Kuala Lumpur, Malaysia
Maybank is Malaysia's largest bank and one of Southeast Asia's top financial groups, with a strong ASEAN franchise offering retail, SME, corporate, and Islamic banking.
OCBC Bank
Singapore
OCBC Bank is Singapore's second-largest bank, offering retail, commercial, investment, and Islamic banking through Bank OCBC Al-Amin in Malaysia.
Al Rajhi Bank
Riyadh, Saudi Arabia
Al Rajhi Bank is the world's largest Islamic bank by assets and Saudi Arabia's second-largest bank, offering Shariah-compliant retail, corporate, and investment banking.
UOB (United Overseas Bank)
Singapore
UOB is Singapore's third-largest bank with a strong pan-Asian network covering ASEAN markets, offering retail, SME, and corporate banking.
Bangkok Bank
Bangkok, Thailand
Bangkok Bank is Thailand's largest bank by assets, offering retail, SME, and corporate banking with a strong regional network across ASEAN.
CIMB Bank
Kuala Lumpur, Malaysia
CIMB Bank is Malaysia's second-largest bank and a leading regional bank across ASEAN, offering retail, SME, corporate, and Islamic banking.
All banks in Malaysia
Showing 9 of 9 banks
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