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Malaysia Country Report

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  • Published Date: October 2019

A comprehensive overview of the cards, payments and consumer banking market in Malaysia.

What you will learn from this report:

  • How the Payment Card Reform Framework has affected the Malaysian market
  • What role is played by Premium cards
  • How Islamic financing is faring as the government pushes Sharia lending
  • The key relationship that is influencing market shares for global schemes
  • How alternative forms of Malaysia digital payment are progressing


  • Malaysia has a competitive banking and payments market. One of the most notable trends is the rise of Islamic Banking, with almost 40 per cent of bank lending now Sharia-compliant.
  • Maybank is the dominant retail bank in Malaysia and is the leading issuer and acquirer of payments cards.
  • The central bank has made several interventions to promote electronic payments, most notably the Payment Card Reform Framework (PCRF) of 2015.
  • The PCRF imposed caps on interchange fees and introduced other measures designed to reduced costs and simplify card acceptance for merchants.
  • The Malaysian debit card scheme, MyDebit, has been a beneficiary of the new rules, chiefly because merchants are now free to choose their preferred network on transactions with dual-branded cards.
  • Credit cards account for the bulk of purchase volume on cards in Malaysia; debit cards are used primarily for cash withdrawal.
  • E-money issuers play an increasingly important role in Malaysia's payments ecosystem. There are 42 non-bank operators and five banks licensed to issue e-money.
  • Among these are local players such as Touch 'n Go, best known for transport-related cards. Several global players – including Alipay, WeChat Pay, Google and PayPal – also hold e-money licences.
  • The average adult made 78 e-money payment transactions in 2018, almost treble the number made on Malaysian credit and debit cards combined. The average transaction value is just $1.38, with usage heavily weighted towards transit.
  • Mobile payments are growing rapidly in terms of users and acceptance points. A common QR code standard is in development which should accelerate adoption in a fragmented market.

Malaysia Payments Research | Report Contents

Key Topics
Demographics and the economy
Payments environment
Malaysia cards market
Mobile payments
Profit pool
The networks in Malaysia
Key retail banks and issuers
Acquiring and processing
Online acquiring
Regulatory and other cards market information
Appendices: Data

Appendix I: Demographics and the economy

  • Demographic and economic indicators
  • Ownership of key consumer devices
  • Internet usage by population

Appendix II: Payments environment

  • Access points
  • Account penetration
  • Consumer payment trends
  • B2C e-commerce payment methods

Appendix III: Cards market

  • Total cards payment metrics
  • Contactless cards metrics
  • Credit card numbers
  • Total credit cards metrics
  • Credit cards profitability indicators
  • Debit cards numbers
  • Debit cards metrics
  • Prepaid/e-money cards metrics

Appendix IV: Mobile payments

  • Mobile proximity payment metrics

Appendix V: Profit pool

  • Profit pool

Appendix VI: The networks

  • Networks' credit card market shares
  • Networks' credit card numbers
  • Networks' credit card billed volume
  • Networks' number of credit card transactions
  • Networks' average credit card transaction value
  • Credit card interchange fees by network
  • Networks' debit card market shares
  • Networks' debit card numbers
  • Networks' debit card billed volume
  • Networks' number of debit card transactions
  • Networks' average debit card transaction value
  • Debit card interchange fees by network

Appendix VII: Key retail banks and issuers

  • Key credit card issuers market shares by credit card numbers
  • Key issuers market shares in credit card outstandings
  • Key debit card issuers market shares by debit card numbers

Appendix VIII: Acquirers and processing

  • Merchant acquirer credit card market share
  • Credit card merchant service charges
  • Merchant acquirer debit card market share
  • Debit card merchant service charges
  • Credit card issuer/issuing processor relationships
  • Credit card acquirer/acquiring processor relationships
  • Credit card issuing processor market shares by card numbers
  • Credit card acquiring processor market shares by the number of POS transactions

Appendix IX: Online acquiring

  • Online merchant acquirer market share

Malayia Payments Trends | Entities Referenced

7-eleven 99 speedmart ACI Worldwide AirAsia Alipay Alliance Bank AmBank American Express Ant Financial Services Apple Pay ASEAN Association of Southeast Asian Nations Bank Islam Malaysia Bank Negara Malaysia Bank of Chengdu Bank of China Bankard Bayar BigPay BNM Boost Braintree CIMB CIMB Pay Citi Citibank Cognizant DBKL Parking Digi Telecommunications Diners Club Direct Debit DuitNow eGHL Emirates EON Bank EONCAP Islamic Bank eSPICK Etsy EZ-link FavePay Financial Process Exchange GHL Cardpay Google Grab GrabPay helloPay HLB Hong Leong Bank HOUSe HSBC HSBC Amanah Malaysia HSBC Bank Malaysia IBG IBM ICBC ICTF Industrial and Commercial Bank of China Interbank GIRO Interoperable Credit Transfer Framework iPay88 Ipmart Jack Ma JCB JomPay KiplePay Lazada Lelong Loan2Go Malaysia Airlines Malaysia Electronic Payment System Malaysian Digital Economy Corporation Malaysian Electronic Clearing Corporation ManagePay Systems Mastercard Maybank MaybankPay McDonald's mCompass MDEC MEPS MEPS-CASH MIMB Investment Bank MOLPay MPay MyClear MyDebit MyRapid Touch 'n Go National Electronic Cheque Information Clearing System NETS NTT DATA OCBC OctoPay ONEXOX Pacific Malaysia Payment Card Reform Framework Payments Network Malaysia PayNet PayPal Paysys Malaysia PCRF Petronas PETRONAS Dagangan PICKnGO Public Bank Qoo10 Rakuten Razer RazerPay Real-Time Retail Payments Platform Reflex Retail Payments Platform RHB Bank RRP Sadaqa House Samsung Pay SAN Sarawak Pay Shared ATM Network Shell SmartTAG SnapNPay Standard Chartered SuperBuy TAP Mobile Banking-I Telekom Malaysia Tencent Tesco Malaysia The Store TnG TnG Digital Touch 'n Go Touch 'n Go Tun Razak Exchange UnionPay UOB Vcash Visa WeChat Pay Western Union World Trade Platform WorldRemit XOX Mobile Zalora


Verisk financial reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in the Asia Pacific region. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and finance experts.

See more Asia-Pacific Country Reports or explore the full range of cards and payments reports available for 72 markets worldwide.

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