Visa has now shared their latest study for the local market, at the same time sharing that according to the study and observation of data, Malaysia can achieve the status of a cashless society by 2030. According to recent trends, almost 70% of users are ready to use payment based on contactless terminals, and many have also started using transaski through digital wallets and so on.
According to the census conducted by Visa, it found that 92% of people now use debit or credit cards more for payment, while 50% of users now choose to carry less cash because they are worried about theft or loss.
In terms of the age factor, many Gen-Z and Gen-Y users use the highest non-cash transactions compared to other age generations.
Visa itself states that 8/10 of the transactions that take place under them are contactless transactions - at the same time positioning Malaysia as one of the markets with the most advanced use of contactless payments in Asia Pacific. If compared, around 2019, only around 3/10 transactions use contactless methods.
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