Malaysia’s e-commerce payments to surpass $11 billion in 2023

The e-commerce market in Malaysia is among the fastest-growing in Southeast Asia

Malaysia’s e-commerce payments

Malaysia’s e-commerce payments to surpass $11 billion in 2023. Source: shutterstock.com

GlobalData reports that Malaysia’s e-commerce market is expected to grow at a compound annual growth rate (CAGR) of 15.9% to reach $11.2 billion in 2023, compared to $6.2 billion in 2019.

The increasing Internet and smartphone penetration with middle-class and millennials population growth, along with government initiatives, boosted the e-commerce market value to more than three times between 2015 and 2019.

In addition to the increasing number of online shopping population, the government is also supporting the country’s e-commerce market with initiatives under its National e-Commerce Strategic Roadmap (NESR)
Sowmya Kulkarni, Banking and Payments Senior Analyst at GlobalData

In the framework of NESR, the government is putting efforts to raise awareness among consumers and businesses. It has already launched the Digital Free Trade Zone in March 2017, aiming to position Malaysia as one of the regional e-commerce hubs.

SEE ALSO:

facebook