Malaysia

Malaysia

General Information

  • Population 32.7m
  • Population 15 + 24.8m
  • Online Population 27.5m
  • Area 329,847 km2
  • Currency MYR
  • GDP 338.3bn USD
  • GDP per Capita 10,270 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"31"},{"label":"Cash-based payments","value":"12"},{"label":"Bank transfer","value":"28"},{"label":"Wallets","value":"14"},{"label":"Other","value":"15"}]
Banked population
  • Malaysia 85%
  • Asia Pacific 71%
  • World 67%
Credit card penetration
  • Malaysia 21%
  • Asia Pacific 13%
  • World 19%
Internet penetration
  • Malaysia 84%
  • Asia Pacific 60%
  • World 62%
Smartphone penetration
  • Malaysia 83%
  • Asia Pacific 71%
  • World 70%

Malaysia’s high e-commerce retail rate is due to its internet and mobile connectivity levels. Around half of the population shop online and 63% of mobile users use their devices to connect to the internet. Their main motivation for shopping online is because of free shipping, and the convenience offered by online shops.

In February 2021 the Malaysian government launched the My Digital and Malaysian Digital Economy Blueprint to help move Malaysia in the right direction for the digitisation of their economy.

Malaysia’s economy dropped by 5.6% in 2020 but is forecast to grow by 6.5% in 2021 and 6% in 2022 according to the IMF. Inflation also dipped in 2020 by 1.1% but is expected to rise by 2% in 2021 and 2022.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 7.1
2022 8.5
2023 10.1
2024 11.9
2025 13.8
E-Commerce spending per capita ($US)
2021 212
2022 252
2023 289
2024 347
2025 399
E-Commerce spending as % of GDP
2021 1.8
2022 2.1
2023 2.3
2024 2.5
2025 2.7

Malaysia

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Airlines & Hotels: 63% | 35
  2. Clothing & Footwear: 9% | 19%
  3. Electrical Goods: 10% | 16%
  4. Health & Beauty: 6% | 8%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 59%
  2. Value of cross-border e-commerce ($US billion) – 3.8
  3. % of online shoppers who have shopped cross-border – 52%

Top 3 cross-border shopping origin markets

  1. China
  2. Singapore
  3. Japan
E-commerce % of total retail
  • Malaysia 5%
  • Asia Pacific 23.8%
  • World 20%
E-commerce completed on a mobile device
  • Malaysia 52%
  • Asia Pacific 59%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • American Express
  • Local Schemes
[{"label":"Visa","value":"55"},{"label":"Mastercard","value":"36"},{"label":"American Express","value":"3"},{"label":"Local Schemes","value":"6"}]
  • E-commerce market size ($US billion) 6.4bn USD
  • E-Commerce spending per capita ($US) 193 USD
  • E-commerce spending as % of GDP 1.8%

Malaysia

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific + 5 Boost Type Wallet Regions Asia Pacific Market relevance High FPX Type Bank transfer Regions Asia Pacific GrabPay Type Wallet Regions Asia Pacific Market relevance High Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific + 5 Market relevance High PayPal Type Wallet Regions Asia Pacific + 5 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High Skrill Type Wallet Regions Asia Pacific + 5 Market relevance High 123 Type Bank transfer, Cash Regions Asia Pacific Market relevance High Allied Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High DuitNow Type Bank transfer Regions Asia Pacific Market relevance High FavePay Type Wallet Regions Asia Pacific Market relevance High Google Pay Type Wallet Regions Asia Pacific + 5 Market relevance High JomPAY Type Buy Now, Pay Later Regions Asia Pacific Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific + 5 Market relevance High Razer Gold Type Wallet Regions Asia Pacific + 5 Market relevance High Razer Pay Type Wallet Regions Asia Pacific Market relevance High Samsung Pay Type Wallet Regions Asia Pacific + 5 Market relevance High ShopeePay Type Wallet Regions Asia Pacific Market relevance High SWIFT Type Bank transfer Regions Asia Pacific + 5 Market relevance High 7-Eleven Type Cash Regions Asia Pacific, Middle East & Africa, North America Market relevance Medium Speedpoint services Type Buy Now, Pay Later, Cash, Wallet Regions Asia Pacific Market relevance Medium Huawei Pay Type Wallet Regions Asia Pacific + 1 Market relevance Medium Paystore Type Cash Regions Asia Pacific Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific + 5 Market relevance Medium Boloro Type Wallet Regions Asia Pacific + 5 BSN Type Bank transfer Regions Asia Pacific e-pay Type Prepaid voucher Regions Asia Pacific G2A Pay Type Wallet Regions Asia Pacific + 5 Go by Bank Islam Type Bank transfer Regions Asia Pacific i-Muamalat Type Bank transfer Regions Asia Pacific kiplePay Type Wallet Regions Asia Pacific NETELLER Type Wallet Regions Asia Pacific + 5 Splitit Type Instalments Regions Asia Pacific + 5 Touch N Go Type Wallet Regions Asia Pacific Market relevance High

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