A solid portion of storefronts in central Osaka now accepts Malaysia’s TNG eWallet. — Photos: CHRISTOPHER FAM/The Star
In the last five years, Malaysia has seen a boom in cashless payments, particularly through e-wallets in the wake of Covid-19 amid rising concerns of over physical contact and the need for safer transaction methods.
From the 2024 Bank Negara Malaysia annual report, there were 14.7 billion consumer transactions made using e-payments (consisting of transactions made using payment cards, e-money purchase transactions and Financial Process Exchange or FPX transactions) totalling RM698.1bil. Of this, e-money transactions (consisting of e-wallets and card-based e-money) made up 38% of all e-payments in general.
