KUALA LUMPUR, June 4 – Malaysian consumers are at the forefront of adopting alternative payment methods and innovative technologies, as highlighted by the latest Adyen Index report from Adyen, the global financial technology platform. The survey, encompassing over 38,000 shoppers and 13,000 merchants across 26 markets, reveals that 63% of Malaysians use mobile wallets for transactions, marking the highest adoption rate globally.
This shift is further reflected in the growing preference for mobile-enabled solutions like tap-to-pay, with 41% of Malaysians forgoing physical wallets. The report also underscores the dominance of social commerce in Malaysia, with 73% of consumers using social media for shopping, significantly surpassing the global average of 44%. Malaysians engage in social shopping around six times per month, with Millennials leading the trend. Businesses have adapted by diversifying platforms and enhancing shopping experiences, with 73% of Malaysian retailers reporting revenue growth from social commerce.
Despite these advancements, the rise in digital payments and social commerce has heightened fraud risks, with 95% of businesses experiencing cyber-attacks or data breaches in 2023. To counteract this, 69% of Malaysian businesses are collaborating with payment providers to implement chargeback liability guarantees, aiming to build trust and secure customer loyalty.
