Survey: E-payment preference rose during Covid-19 pandemic but cash still king

The study found that cashless transactions were more prevalent between the 18 and 54-year-old category, with usage declining with those 55 and over. — Picture by Sayuti Zainudin
The study found that cashless transactions were more prevalent between the 18 and 54-year-old category, with usage declining with those 55 and over. — Picture by Sayuti Zainudin

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KUALA LUMPUR, Feb 24 — Malaysians’ acceptance of electronic and contactless payments has increased since the Covid-19 pandemic, according to a study by Netizen eXperience (NX).

“Post MCOs, e-wallets and debit cards are becoming fast favourites and the main reasons are because of contactless payments and convenience,” NX user experience consultant Alvin Chai said in a statement.

“The shift was a step in the right direction with the buzz of digital banking licensing in Malaysia,” he added.

The study found that cashless transactions were more prevalent between the 18 and 54-year-old category, with usage declining with those 55 and over.

However, the study also found that most Malaysians (29.3 per cent) still prefer to use cash as a payment option due to its accessibility in stores and under the assumption that it is easier to control spending.

Cash surpassed e-wallets (28.6 per cent) and debit cards (27.4 per cent). Preference for credit cards was just 9.5 per cent, ahead of QR payments (2.2 per cent) and bank transfers (3.0 per cent).

The NX study echoed a survey published by Visa Consumer Payments Study last year that found that 62 per cent of Malaysians supportive of the country becoming a cashless society and 62 per cent believe it can be achieved within the next five years.

NX survey polled 1,000 Malaysians between the ages of 18 and over 65.

NX is a user experience consulting firm that provides user research, analytics and technology solutions for digital transformation.

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