Today Enterprise Explores the on-going shift towards a non-cash economy and how payment systems have evolved over the last few years with Arun Menon, Managing Director at Ipsos Malaysia, a market research firm.

Back in January, Ipsos released their latest case study on Non-Cash Economy & Payment Evolutions which found that there has been a slight decrease in the usage of non-cash payment methods in 2023. However, a key point to take note of is that half of Malaysians still use non-cash payments, with e-wallets being used by a quarter of the population.

Besides that, some other notable findings from the “Non-Cash Economy & Payment Evolution” study shows:

• A higher frequency of people who are using e-wallets

• More youths are using online transfer

• The usage of e-wallet for food purchases have increased but experienced a drop for retail and online purchases

• TnG Wallet retains the top spot as the most used e-wallet brand, with MAE as strong number 2

There is a lot more to break down and digest from this study, which Arun help us explore and digest.