Malaysia comes on top when compared to other countries in Southeast Asia with regard to mobile money usage in the region, according to a recent study carried out by Mastercard.
Malaysia topped the chart with around 40 percent of total usage, followed by the Philippines with 36 percent, Thailand at 27 percent and Singapore at 26 percent.
The Mastercard Impact Study said that online activities have surged in the region as the result of the Covid-19 pandemic, which has forced people to stay indoors.
The inputs were gathered from 10,000 consumers and/or business professionals across 10 markets in the Asia Pacific region.
The study further revealed a region-wide shift in payment methods, with the majority of consumers in all Southeast Asia markets surveyed reporting a significant decrease in cash usage—67 percent in Singapore, 64 percent in Malaysia and the Philippines, and 59 percent in Thailand—since the pandemic.
Safdar Khan, Division President, Southeast Asia Emerging Markets, Mastercard told the media, “COVID-19 has impacted everyone and every country in some way or another. Many consumers and businesses have been quick to adapt to the digital world and cashless payments in order to stay safe and maintain a sense of normalcy in these extraordinary and uncertain times. Even as organizations and markets prepare for recovery, consumer concerns over their safety and well-being will be at the forefront of any strategy—and this is evident in the way that consumers in Southeast Asia are now shopping and transacting.”
“In these challenging times, Mastercard is committed to using the power of data to enable businesses of all sizes to adapt and evolve alongside consumers’ changing needs, preferences and behaviors through ecommerce tools, increasing contactless payment limits, and spearheading the shift to contactless across the region. By putting consumer sentiment and concerns at the core of all decisions, businesses and governments will be able to move with greater confidence from this current situation, and mitigate the adverse impact of future crises.”