Survey: Malaysians more confident of going cashless

Survey shows that Malaysians are becoming increasingly confident of going cashless.

KUALA LUMPUR: Malaysians are becoming increasingly confident of going cashless with six in 10 saying they could do so for an entire day, according to a recent survey conducted by Visa Inc.

Close to half (41%) of those polled in the 2017 Visa Consumer Payment Attitudes survey also said they could last three days without cash.

Six in 10 Malaysians said they had tried going cashless, with almost 60% of this group saying they had successfully done so for a few days.

The survey also said that more Malaysians were using payment cards, particularly among the more affluent segment.

It said more than 50% of Malaysians held more payment cards than two years ago, with approximately half of the respondents indicating a preference for cashless or contactless payments.

“Contactless payments have taken off in Malaysia with more than three million Visa contactless transactions being conducted a month.

“It is important for us to continue working with our issuers and merchants to educate Malaysian consumers that electronic payments can be used not only for large purchases, but also small ticket items,” said Ng Kong Boon, Visa country manager for Malaysia.

“Findings from Visa’s Consumer Payment Attitudes study reinforce Malaysians’ readiness to embrace the digitisation of payments as we move towards becoming a cashless society,” he added.

According to the survey, awareness of contactless payments in Malaysia increased by 4% to 87% in 2017.

About eight in 10 respondents also believed that the country could go cashless in less than 15 years, with 19% saying this could happen within three years and 39% saying it could happen in four to seven years.

It is not known how many respondents took part in the survey, or the composition of those polled.

Visa Inc is a global payments technology company operating in more than 200 countries.