Ask yourself a question: Can you live without your mobile phone?
I believe most people will answer – No, I can’t live without a mobile phone. Although mobile phone is not as critical as water and food for human’s survival, 55% of Malaysian consumers say they feel anxious when their mobile devices are not close at hand (Nielsen Mobile Shopping, Banking and Payment Report). While mobile devices have transformed the way we communicate and stay connected with each other, it is also revolutionising the world of retail and banking.
Mobile payments in Malaysia are mainly for bill payments and online shopping. About half of the respondents to the survey are highly or somewhat likely to use mobile payments in bars, restaurants and retail stores (52%). According to Research and Markets survey, the Malaysian mobile payment market is expected to record a growth rate of 29.1% during 2017-2021 to reach US$ 7,721 million in transaction value by 2021, increasing from US$ 2,777 million in 2017. These figures show the potential of mobile wallet in Malaysia for the coming years.
So, are Malaysian ready for mobile wallet? About three quarters of Malaysians are concerned about security when it comes to mobile payment (72%). Nevertheless, about two thirds are willing to use mobile wallet for payment if security features are enhanced. Other factors which would encourage Malaysian consumers to increase the number of mobile payment via their connected mobile device include availability of incentives, loyalty or rewards specifically for mobile payment users (55%) and speedier check-out compared to traditional payment methods (45%).
Overall, mobile wallet is still having plenty of room for growth in Malaysia as you can see Samsung Pay has just launched in Malaysia last month. Are you using any mobile wallet now?