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Top Mobile Payment Service Providers in Malaysia 2020 and their Reaction to the COVID-19 Crisis

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Description

Countries Covered: Malaysia

Pages: 54

Publication Date: 10/11/2020

Questions Covered in the report:

  • What is the share of consumers who own E-Wallets in Malaysia amid the COVID-19 pandemic?
  • What are the top 5 E-Wallets used in Malaysia during the pandemic?
  • How did the COVID-19 crisis affect the mobile payment market in Malaysia?
  • What features did the top mobile payment services providers in Malaysia offered to cope with the COVID-19 pandemic?
  • How is the number of transactions via E-Wallets in Malaysia expected to change during the on-going COVID-19 crisis?

Key Findings:

Malaysian’s online payments boosted by COVID-19

Malaysian consumers turn to digital wallets during the coronavirus pandemic

During the outbreak of the COVID-19 pandemic, the Malaysian Government provided monetary incentives to its citizens to increase usage of E-Wallets. The three biggest players on the Malaysian digital wallets market were selected to participate in the distribution of government funds, which led to double-digit increases in the user base of each of them during the first half of 2020. After the initiative ended, Malaysia headed the list of E-Wallet adoption across countries of Southeast Asia, according to figures cited in the new yStats.com report. The number of E-Wallet accounts in Malaysian had been showing a steady upward trend throughout pre-pandemic 2019 and the year on year growth rates have become even higher in 2020.

Top mobile service providers are rapidly accumulating users amid the pandemic

The top four mobile payment service providers in Malaysia, by consumer preference and their transaction market share are Touch ‘n Go, Boost, GrabPay, and BigPay. Maybank with its Maybank2u, an E-Wallet Mae, and a newly introduced all-in-one payment and financial management app is also among a player on the digital payment scene but this may be attributed to it being the largest bank in Malaysia that is able to provide services far beyond those of a standard E-Wallet. Roughly one-third of Malaysian customers were registered with Maybank2u at the end of the second quarter, 2020. Touch ‘n Go, on the other hand, was the only E-Wallet that appeared among the top ten Malaysian app publishers amid the second wave of the coronavirus pandemic in October 2020, as detailed in the yStats.com publication.

Due to COVID-19 Malaysians opted for special services from their E-Wallets

The onset of COVID-19 multiplied the number of remittances being sent using free of charge services of the Malaysian digital wallets. BigPay underwent an almost five-fold surge in remittance amounts during the first half of 2020, in contrast to the year before, according to a report cited by yStats.com. Additionally, active users’ spending amounts via E-Wallets are notably going up, as for example, Boost’s transaction value doubled by the end of the second quarter of 2020 compared to the end of 2019.

1. Management Summary

2. Overview

  • COVID-19’s Impact on E-Wallet Payment Services, November 2020
  • Frequency of Online Purchases, in % of Online Consumers, April 2020
  • Consumer Goods E-Commerce Value, in USD billion, 2020e & 2025f
  • Top 10 E-Commerce Web-Sites, by Monthly Web Visits, April 2020 – June 2020
  • Breakdown of Used Payment Methods for Online Shopping, in % of Respondents, July 2020
  • Share of Transactions and Share of Transactions Value, by Payment Instrument, in % of Total Transactions, 2019 & 2024f
  • Consumers Who Prefer Contactless Card Payments, in % of Consumers Using Cards for Payments, by Card Payment Type, June 2020
  • Share of Consumers Who Own E-Wallets in Selected Countries, incl. Malaysia, the Philippines, Thailand, and Singapore, in %, March 2020 – April 2020
  • Number of Digital Wallet Accounts, in millions, and Year-on-Year Change, October 2019 – March 2020
  • E-Wallets Transaction Value, in USD billion, 2019 & 2025f
  • Top 5 E-Wallets Used, in % of Consumers, Q1 2019 – Q2 2020
  • Top 3 Business FinTech Usage, in % of FinTech Business Users, June 2020 – July 2020
  • Mobile POS Transaction Value, in USD billion, 2020 & 2024f
  • Attitude Towards Virtual Banking, in % of Bank Account Owners, October 2019
  • Profile of Maybank2u and MAE, November 2020
  • COVID-19’s Impact on Maybank2u and MAE activity, November 2020
  • Preferred Payment Methods, in % of Online Consumers, March 2020 & April 2020
  • Bill Payments Using E-Wallets, by E-Wallets, in % of Consumers, July 2019 – September 2019
  • Profile of Samsung Pay and COVID-19’s Impact on its activity, November 2020

3. Touch ‘n Go

  • Profile of Touch ‘n Go in Malaysia, November 2020
  • COVID-19’s Impact on Touch ’n Go’s activity, November 2020
  • Touch ‘n Go’s Total Registered Users and Annual Active Users, in millions, March 2020 & June 2020
  • Top App Publishers Based on Downloads, in millions, October 2020

4. Boost

  • Profile of Boost in Malaysia, November 2020
  • COVID-19’s Impact on Boost’s activity, November 2020
  • Boost’s Registered Users, in millions, 2018, 2019 & 2020
  • Food & Beverages Purchases via E-Wallets, by Kind of Vendor, in %, and Share of E-Wallets, in %, July 2019 – September 2019

5. GrabPay

  • Profile of GrabPay in Malaysia, November 2020
  • COVID-19’s Impact on GrabPay’s activity, November 2020
  • Share of Total Cashless Transactions and Share of Grab’s Cashless Transactions, in %,   March 2019

6. BigPay

  • Profile of BigPay in Malaysia, November 2020
  • COVID-19’s Impact on BigPay’s activity, November 2020
  • BigPay’s Sales Value, in MYR million, Q2 2018, Q2 2019, & Q2 2020
  • BigPay Malaysia Sdn Bhd
  • Boost Holdings Sdn Bhd
  • GrabPay
  • Malayan Banking Berhad
  • Samsung Pay
  • Touch ‘n Go Sdn bhd

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