KUALA LUMPUR: A study by the world’s leader in digital payments Visa unveils that over seven in 10 Malaysians (74 per cent) are aware and 65 per cent are interested in using digital banking services.
In a statement today, it said according to Visa Consumer Payment Attitudes study, 43 per cent of Malaysians also currently do not visit any bank branches and choose to bank only online.
“The study showed that Malaysians look forward to the digital banking experience for their basic banking needs with highest interest to use digital banking services for bill payments (78 per cent), transferring money to family and friends (69 per cent), payment at retail locations (62 per cent) and deposits and withdrawals (61 per cent),” it said.
It said the nation has seen a significant acceleration in digital adoption due to the pandemic in the past 18 months.
Visa Malaysia country manager Ng Kong Boon said based on the findings, Malaysians are not only open to traditional banks but also new entrants that would be issued digital banking licenses.
“They have expressed interest in the digital banking services provided by renowned brands (71 per cent), financial services brands (65 per cent) and even new start-ups (60 per cent).
“We believe it will take the collective effort of the government, existing traditional banks and institutions applying for digital banking licenses to create better financial inclusion for all, not just the affluent but also the underserved and unserved population,” he said.
Ng added that the study also showed that Malaysians are motivated to switch to a digital bank for better rewards (78 per cent) and lower costs (72 per cent). – Bernama
