Five payment trends to watch out for in Malaysia

Low Lai Chow

Johnny Chong, head of sales at iPay88 Holding provides an overview of the payments landscape and highlights some untapped opportunities for businesses looking to grow.

Payment landscapes differ markedly from country to country, and for online businesses eyeing a share of the Malaysian market, enabling credit card payments will not be the way in.

In Malaysia, online banking has been steadily trumping credit cards as the main mode of payment. Since 2015, the gap between online banking and credit card payment has been widening substantially.

Currently, about “65 to 70% of transactions” take place through online banking, versus about a third or so through credit cards, according to Johnny Chong, head of sales at Kuala Lumpur-headquartered payment company, iPay88 Holding.

Speaking at the Ecommerce...

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