PETALING JAYA: Malaysians appear to be moving away from cash, with safety being one of the main factors in the shift towards electronic payments.
According to the 2016 Visa Consumer Payment Attitudes survey, 74% of Malaysians prefer to make electronic payments rather than use cash – an 8% increase from 66% in 2015.
A total of 500 Malaysians were polled for the Visa survey.
Almost half (49%) of the respondents added that they had more payment cards now than they did five years ago. They attributed this to an increased habit of making electronic payments and feelings of insecurity when using cash.
This tallied with further results showing that 64% of respondents found swiping cards safer than using cash, with 60% saying they would like payments to be automated, doing away with the physical process of paying.
In terms of payment habits, 68% of the 500 respondents said they were using electronic payments more often and moving away from cash.
About 62% of respondents said they were comfortable with the use of biometrics such as fingerprinting and face recognition for payment authentication.
Visa country manager for Malaysia Ng KB said in a statement that the results confirmed current market trends, which were seeing a steady increase in the number of debit and credit cards issued.
He added that Visa payWave transactions had crossed the two million monthly transaction milestone and continued to grow.
“We are confident that the continued growth of contactless payments will further accelerate the displacement of cash in Malaysia,” he said.