KUALA LUMPUR, March 24 — E-payment grew significantly last year, with the total value of select retail e-payment transactions increasing by 17 per cent to RM698.1 billion, said Bank Negara Malaysia (BNM).
In its Annual Report 2024, released today, the central bank said overall e-payments increased by 28 per cent to 14.7 billion transactions last year, up from 11.5 billion previously.
BNM reported that online banking continued to be the most widely used method, increasing by 24 per cent in 2024.
In terms of channels, mobile banking accounted for 62 per cent, surpassing internet banking.
The second most used e-payment is e-money transactions, rising by 25 per cent in 2024, versus 26 per cent previously.
BNM said 64 per cent of the transactions were attributed to e-wallets, with the remainder to card-based e-money.
“The third most used e-payment is payment card, which grew by 20 per cent in 2024. Debit cards account for 68 per cent of total payment card transactions and debit card usage grew twice as fast as credit cards (24 per cent versus 12 per cent),” said the central bank.
BNM said contactless card transactions continued to gain traction given their speed and convenience, constituting 83 per cent of payment card transactions at physical premises during the year.
This was supported by the growing adoption of mobile wallet usage in Malaysia such as Apple Pay, Google Pay and Samsung Pay as well as the expansion of open toll payment systems across more highways.
The acceptance of e-payment transactions has continued to rise among businesses, especially smaller-sized enterprises, with DuitNow QR usage continuing to increase given its convenience, lower cost and wide coverage.
At the end of 2024, there were 2.6 million registered DuitNow QR acceptance points across Malaysia. BNM added that the wider DuitNow QR merchant network has contributed to an increase in transactions by more than double with a total transaction value amounting to RM31.1 billion.
In terms of expanding Malaysia’s payment connectivity between Malaysia and Indonesia, Singapore and Thailand, BNM said the total number of cross-border QR payment transactions by both foreign visitors in Malaysia and Malaysians travelling abroad grew more than five times to 4.1 million transactions worth RM348.3 million in 2024.
It said cross-border peer-to-peer transactions also recorded significant growth, with transaction volume increasing to 234,000 transactions worth RM200 million in 2024, compared with 1,000 transactions worth RM534,000 in 2023.
By the second quarter of 2025, BNM said Malaysians travelling to Cambodia will also be able to make payments to Cambodian merchants accepting QR code payments using their existing mobile payment applications.
— Bernama
