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Malaysia

Home to 32 million people and 137 languages, Malaysia’s GDP has grown steadily over the last 40 years, making it a unique proposition for businesses everywhere. And now it’s going cashless. In a recent study, Visa found that 70% of Malaysians are in favor of the country ditching cash in exchange for digital payments.

Financial incentives are being offered for lower-income individuals to sign up for digital wallets, important in attracting some of the 19% of Malaysians without access to a bank account. A wave of companies are vying for market share in the lucrative digital wallet space. 40% of the population use them, while online banking accounts for 50% of Adyen’s volume in the market. Credit card payments are less prevalent, with penetration of only 20%.

In 2020, Adyen launched local acquiring in Malaysia to help businesses achieve higher authorization rates, better customer experience, and deeper data insights.

Population

32,000,000

Currency

Malaysian ringgit

Local card

Global card

Desktop

Mobile

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