In 2023, the transaction volume of credit cards in Malaysia amounted to more than *** million transactions, an increase compared to around *** million transactions in the previous year. The transaction volume of credit cards in the country has been increasing in the past three years.

As Malaysia is moving closer toward becoming a cashless society, the transaction value of credit cards in the country reached around *** billion Malaysian ringgit in 2024. This was an increase of more than ** billion Malaysian ringgit compared to the previous year. Despite a decrease in 2020, the transaction value of credit cards showed an upward trend in the past four years. Increase in credit card usage The convenience of paying with credit cards is a likely reason for the increase in its usage among Malaysian consumers. The transaction value per capita of credit cards in Malaysia also revealed that the average individual owner would spend around ***** Malaysian ringgit on their credit card in 2023, a *** percent increase from the previous year. Card-based payment was also the most popular method of payment for online transactions in Malaysia. With the popularity of e-commerce, as well as the ease of getting a credit card for Malaysians with a stable income, it will remain a common payment method in the coming years. Leading credit card brand All the major credit card brands are available for Malaysian consumers. Nevertheless, Visa and Mastercard are the two market leaders in the Southeast Asian country. Visa secured the leading position with ** percent of the credit card market share in Malaysia, while Mastercard had ** percent of market share in 2022.

The credit card penetration in Thailand was forecast to continuously increase between 2024 and 2029 by in total 36.8 percentage points. After the fifteenth consecutive increasing year, the credit card penetration is estimated to reach 67.53 percent and therefore a new peak in 2029. Notably, the credit card penetration of was continuously increasing over the past years.The penetration rate refers to the share of the total population who use credit cards.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to 150 countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the credit card penetration in countries like Malaysia and Philippines.

In 2023, the per capita credit card transactions in Malaysia amounted to nearly ***** Malaysian ringgit, an increase from around ***** Malaysian ringgit in 2022. The value of per capita credit card transactions was at its lowest in 2020, at ***** Malaysian ringgit.

The Malaysia Payments Market Report is Segmented by Mode of Payment (Point of Sale [Debit Card, Credit Card, A2A, Digital Wallet, Cash, and More], Online Sale [Debit Card, Credit Card, A2A, Digital Wallet, Cash-On-Delivery, and More]) and End-User Industry (Retail, Entertainment and Media, Hospitality and Travel, Healthcare, and More). The Market Forecasts are Provided in Terms of Value (USD).

The market share of Visa in Malaysia remained relatively unchanged in 2021, at ** percent. This according to research conducted over multiple years within the country. The source claims that Malaysia grows relatively quickly when it comes to online shopping, possibly explaining why the market shares of both Visa and Mastercard grew over time. Debit cards and credit cards are used within the Asian country, but their market share in POS payments did not grow as much since the coronavirus pandemic as, say, mobile wallets.

The Malaysian payment industry, exhibiting a robust Compound Annual Growth Rate (CAGR) of 11.40%, presents a compelling investment opportunity. Driven by increasing smartphone penetration, rising e-commerce adoption, and a government push towards digitalization, the market is experiencing a significant shift from cash-based transactions to digital payment methods. The dominant segments are Point-of-Sale (POS) payments, encompassing card payments, digital wallets like GrabPay and Huawei Pay, and increasingly popular online sales payments. Retail, entertainment, and hospitality sectors are key drivers, with healthcare showing promising growth potential. While the market faces challenges such as infrastructure limitations in certain areas and cybersecurity concerns, the overall outlook remains positive, fuelled by the expanding adoption of contactless payments and the integration of financial technology (fintech) solutions within existing banking infrastructure. Major players like Visa, Maybank, and CIMB Group Holdings Berhad are strategically positioning themselves to capitalize on these trends, while new fintech entrants are continuously innovating and disrupting the landscape. The projected market size in 2025 serves as a strong base for future growth projections. The consistent adoption of digital payment solutions and government initiatives to promote financial inclusion will likely sustain the high CAGR throughout the forecast period (2025-2033). The competitive landscape is dynamic, featuring a mix of established financial institutions and emerging fintech companies. Competition is intensifying with the introduction of innovative payment solutions and strategic partnerships. While established players leverage their extensive networks and brand recognition, newer entrants are focusing on niche segments and providing tailored solutions catering to specific customer needs. The expansion of mobile payment solutions is a key differentiator, with both domestic and international companies vying for market share. Regulatory frameworks play a critical role in shaping the industry, promoting secure and transparent transactions while encouraging innovation. The future growth trajectory depends on the sustained growth of digital adoption among consumers and businesses and the success of government initiatives aiming to improve financial inclusion and digital infrastructure. This comprehensive report provides a detailed analysis of the rapidly evolving Malaysian payment industry, covering the period from 2019 to 2033. With a focus on the base year 2025 and a forecast extending to 2033, this report offers invaluable insights for businesses, investors, and policymakers seeking to understand and capitalize on the opportunities within this dynamic market. The report leverages a wealth of data, examining key segments, trends, and challenges shaping the future of payments in Malaysia. Search keywords like Malaysia e-payment, digital wallet Malaysia, Malaysia cashless payment, QR code payment Malaysia, and Malaysian fintech will yield this report in searches. Recent developments include: May 2023: Maybank launched its cross-border QR payment service for Maybank customers traveling to Singapore, Indonesia, and Thailand, as they can now make cashless and instant payment transactions via the MAE app. Similarly, incoming tourists from these countries can make cashless payments with Maybank QRPay merchants in Malaysia. The new offering will enable Malaysians visiting the respective countries to enjoy a cheaper, faster, and more convenient payment option through the MAE app., January 2023: Xoom, PayPal's international money transfer service, has announced that it has launched a new cross-border money transfer product, debit card deposit, enabling Xoom customers, and the new feature will offer remittance receivers easy, secure, and real-time access to funds, which are sent directly to a recipient's eligible Visa debit card.. Key drivers for this market are: E-commerce Growth, Rising Basket Spend, and Rise in Digitally-aware Population, Adoption of Card-based Payments. Potential restraints include: Challenges Faced by Small Retailers and Street Vendors while Adapting to the Cashless Payment Ecosystem. Notable trends are: Card Payments to Witness the Growth.

According to a survey on financial literacy in Malaysia conducted in 2024, 57 percent of respondents stated that they did now own a credit card. Meanwhile, four percent of respondents said they owned four or more credit cards.

In 2023, Japan had the highest credit card penetration across the Asia-Pacific region, with ** percent. At that time, the credit card penetration rate in Indonesia was at *** percent.