Going cashless has many benefits for a nation, and Malaysia’s government is keen on creating the infrastructure to help its residents and businesses make that transition.
According to a new Nielsen study, 67 percent of consumers in the country have used some form of cashless payment, with debit cards and online banking being the most preferred non-cash channels. However, a very small percentage prefer to use cashless payments to pay for meals, groceries, and other everyday expenses.
To be precise, while 63 percent percent of Malaysians have a debit card, 93 percent prefer cash when they dine out, 90 percent use cash when they buy groceries, 89 percent use cash for public transport, 81 percent for petrol, and 81 percent for taxis.
Despite the challenges to digital payments, the study revealed that Malaysians prefer to make recurring expenses such as phone and internet bills (53 percent), utility bills (47 percent), car loan installments (38 percent) and rent (37 percent) via online banking because of the sheer convenience it offers.