Mobile wallets GrabPay and Touch 'n Go are both expected to see their user number almost get doubled between 2020 and 2025. Malaysia is regarded as a fast growing market for mobile payments, as it is starting to catch up to other Southeast Asian countries when it comes to mobile commerce. The two main wallets emphasized this further in 2021 as they expanded their ecosystems that year by forming partnerships with other companies. For instance, GrabPay - the in-app wallet of Southeast Asian superapp Grab - started implementing Malaysia's QR code standard DuitNow since June 2021, a popular payment method for real-time payments within the country. Since July 2021, the Touch ‘n Go wallet has a partnership with insurance firm AIA - now offering insurance solutions within its digital environment.
Number of users of selected mobile wallets in Malaysia in 2020, with forecasts from 2021 to 2025
(in millions)
The source does not provide any information regarding consumers using more than one app at the same time. It may, therefore, be that the total users of all apps combined is higher than the country's population
Supplementary notes
The source explicitly states that "we look (...) only for open wallets, ie those that have the ability to make payments on multiple sites, rather than in reference to an ability to transfer funds between different wallets. Thus we do not focus on transactions conducted via cards stored by a retailer purely for use on that retailer’s website or mobile app."
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Statista estimates. (October 21, 2021). Number of users of selected mobile wallets in Malaysia in 2020, with forecasts from 2021 to 2025 (in millions) [Graph]. In Statista. Retrieved November 18, 2024, from https://www.statista.com/statistics/1271325/mobile-wallet-user-forecast-in-malaysia/
Statista estimates. "Number of users of selected mobile wallets in Malaysia in 2020, with forecasts from 2021 to 2025 (in millions)." Chart. October 21, 2021. Statista. Accessed November 18, 2024. https://www.statista.com/statistics/1271325/mobile-wallet-user-forecast-in-malaysia/
Statista estimates. (2021). Number of users of selected mobile wallets in Malaysia in 2020, with forecasts from 2021 to 2025 (in millions). Statista. Statista Inc.. Accessed: November 18, 2024. https://www.statista.com/statistics/1271325/mobile-wallet-user-forecast-in-malaysia/
Statista estimates. "Number of Users of Selected Mobile Wallets in Malaysia in 2020, with Forecasts from 2021 to 2025 (in Millions)." Statista, Statista Inc., 21 Oct 2021, https://www.statista.com/statistics/1271325/mobile-wallet-user-forecast-in-malaysia/
Statista estimates, Number of users of selected mobile wallets in Malaysia in 2020, with forecasts from 2021 to 2025 (in millions) Statista, https://www.statista.com/statistics/1271325/mobile-wallet-user-forecast-in-malaysia/ (last visited November 18, 2024)
Number of users of selected mobile wallets in Malaysia in 2020, with forecasts from 2021 to 2025 (in millions) [Graph], Statista estimates, October 21, 2021. [Online]. Available: https://www.statista.com/statistics/1271325/mobile-wallet-user-forecast-in-malaysia/
