Malaysia

Cash has fallen sharply at the till, from 64% of in-store value in 2019 to 22% in 2025, according to Worldpay. Digital wallets reached 32% of in-store value in 2025, typically paid by scanning the national DuitNow QR standard; PayNet says there were more than three million registered DuitNow QR touchpoints after 681,250 were added in 2025. Debit and credit cards on the domestic MyDebit scheme, Visa and Mastercard are accepted contactlessly, and PayNet’s MyDebit Tap on Phone service turns NFC smartphones into card terminals for small businesses, with a PIN required above RM250.

Worldpay estimated Malaysian e-commerce at about US$11 billion in 2024, forecasting 8% annual growth to about US$17 billion by 2030. Shopee, Lazada and TikTok Shop are the main marketplaces. Online shopping is mainstream: in the World Bank’s 2024 Findex survey, 54% of adults had bought something online, and 31% of those online buyers had paid cash on delivery. Cross-border QR use is rising, with PayNet reporting 29.7 million cross-border QR transactions in 2025, 2.5 times the previous year. Merchants should price in ringgit, integrate FPX or DuitNow online banking alongside cards and wallets, and consider instalment or BNPL options for higher-value items.

Bank Negara Malaysia (BNM) regulates payment systems and payment instruments, mainly under the Financial Services Act 2013 and the Islamic Financial Services Act 2013. E-money issuers need BNM approval and merchant acquirers must register with BNM, and both must follow BNM policy documents on e-money, merchant acquiring services, payment cards and e-KYC. PayNet, whose largest shareholder is BNM alongside eleven Malaysian banks, operates the national payment rails, including DuitNow, FPX, MyDebit and JomPAY, and runs the National Fraud Portal used to trace and return scam proceeds. DuitNow QR is linked with other countries’ QR systems for cross-border payments.

Account ownership is high: the World Bank’s Global Findex 2025 found that 89% of Malaysian adults had an account in 2024, similar to 88% in 2021. Debit cards are widespread, held by 80% of adults, while 13% held a credit card. Mobile money account ownership rose to 45% from 28% in 2021, and 57% of adults made a digital payment in the past year. With 95% of adults owning a mobile phone, QR and wallet payments are accessible to most of the population.