Bank Negara Malaysia (BNM) through its Annual Report 2023 today revealed that a whopping 11.5 billion e-payment transactions were recorded in our country last year. This is a significant growth compared to the 9.3 billion recorded a year prior.
As reported by Bernama, e-payment adoption among Malaysians continued to increase. Furthermore, the Financial Sector Blueprint target of more than 15 per cent compounded annual growth of e-payment transactions per capita between 2022 and 2026.
This is on the back of the 20 per cent growth to 343 transactions per capita in 2023 compared to 285 transactions per capita in the previous year. BNM added that the e-payment growth was supported by consumption activity as the total value of selected retail e-payment transactions grew by 17 per cent to reach RM592 billion.
This is further complemented by collective public and private sector efforts to increase e-payment adoption. In fact, credit transfer services formed the largest share of e-payment transactions with a 43 per cent share.
Among the many credit transfer services, DuitNow Transfer continued to be the preferred option, sustaining a high annual growth rate of 32 per cent (2022: 26 per cent) and a 39 per cent market share of credit transfer services. In particular, DuitNow QR transactions have seen significant take-up since its introduction, driven by greater familiarity with the DuitNow QR service.
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