Malaysia moves towards QR payment adoption

QR code-based payment is becoming a major trend in Asia-Pacific countries

QR payment

Malaysia moves towards QR payment adoption. Source: shutterstock.com

According to GlobalData, Malaysia’s total card payments’ value is set to increase to $81 billion in 2023, compared to $50.4 billion in 2019.

The report reveals that the rise in e-payments is supported by the growing adoption of mobile wallets as well. This trend is also prevalent in other Asian markets such as China and India.

In addition to that, 56.5% of the survey respondents in Malaysia had a mobile wallet and used it, whereas only 6.5% of the respondents never heard about them.

Malaysian government considers QR-based mobile payments as a workable alternative for cash. For example, Payments Network Malaysia launched a common QR code standard called DuitNow QR in July 2019. Public Bank Berhad along with over 40 banks and e-wallet providers are set to support this system in the following months.

These common standards really open up electronic payments by making them easier for a merchant to accept all options and also making it easier for consumers to pay with their chosen option
Kartik Challa, Banking and Payments Analyst at GlobalData

QR codes’ major advantage is driven by its cost-effectiveness since it eliminates the need for smaller merchants to set up expensive POS terminals. This way, merchants can simply use a sticker with a QR code to accept e-payments.

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