Debit card payments alone accounted for 41% of total payment value in 2025 with credit card payments comprising the remaining 59%.
PETALING JAYA: Malaysia’s card payments market grew by 6.1% in 2025 to RM408.5bil, a moderate pace compared to 2024’s 9.7% growth, says GlobalData.
The leading intelligence and productivity platform explained that in 2025, consumer spending was subdued due to risks of economic slowdown, and geopolitical uncertainty linked to US tariffs and related trade tensions.
However, it forecast sustained positive momentum leading up to 2029.
Ravi Sharma, lead banking and payments analyst at GlobalData commented, “Malaysia’s card payments market is steadily building momentum as the ecosystem shifts toward electronic payments.”
Ravi also identified 2025’s growth stemmed from government initiatives to enhance digital infrastructure, wider access to bank accounts and payment cards, and the ongoing POS (point of sale) terminals expansion.
Debit card payments alone accounted for 41% of total payment value in 2025 with credit card payments comprising the remaining 59%.
GlobalData noted that debit payments gained momentum from a growing banked adult population, easier access to cards linked to everyday accounts, and low-cost banking options.
It said, “Financial inclusion is also being supported via agent banking, which helps expand access to essential services such as cash deposits, withdrawals, fund transfers, and card usage, particularly in remote communities.”
On the other hand, credit cards dominate in value underpinned by support from banks’ reward programmes, cashback offers, and installment plans.
Ultimately this sustained its market share, despite slower new entrants compared to the debit card segment.
GlobalData also highlighted rapid growth in merchant acceptance, particularly among small and medium enterprises’, driven by affordable POS solutions.
For instance, Hong Leong Bank provides near field communication-enabled POS terminals for contactless payments, while CIMB Bank offers mobile POS packages supporting both credit and debit cards.
The data company continues to favour market prospects, amid sustained global pressures.
It cited continued government efforts in financial inclusion and competition, plus the payment infrastructure expansion for easier, more accessible daily transactions.
“From 2025 to 2029, Malaysia’s card payments market will be fuelled by expanding POS coverage, rising contactless adoption, and continued efforts to broaden access to affordable banking and card products,” Ravi said.
Upon positive market reflection, he forecast the total card payments value to rise from RM408.5bil in 2025 to RM538bil in 2029, implying a 31.7% increase over the period.
