KUALA LUMPUR: Malaysian consumers are leading the charge in embracing alternative payment methods and cutting-edge technologies, according to the latest findings from Adyen.
Adyen, a global financial technology platform for businesses, said 63 per cent of Malaysians utilise mobile wallets for transactions, boasting the highest adoption rate globally.
The Adyen Index 2024, based on a survey of over 38,000 shoppers and 13,000 merchants across 26 markets, unveils these insights.
A notable trend among Malaysian consumers is the shift away from physical wallets, with 41 per cent now relying on mobile-enabled solutions like tap-to-pay.
"Malaysian shoppers are inclined towards quick and convenient ways of paying, fueling the demand for streamlined in-store experiences such as kiosks and one-click checkouts," it said today.
The Adyen Index also unveiled the popularity of social commerce among consumers, with 73 per cent of Malaysians utilising social media for shopping, a contrast to the global average of 44 per cent.
Malaysians also shop on these platforms approximately six times per month.
"As the retail landscape rapidly evolves, the integration of technology and personalisation is becoming increasingly apparent," Adyen country manager for Malaysia Soon Yean Lee said.
"Our recent findings reveal a significant shift towards digital payments and social commerce with Malaysian consumers leading the global trend in mobile wallet usage.
"To retain customer loyalty and maintain competitiveness, businesses must be nimble in catering to these changing consumption preferences," Soon added.