Non-cash payments have firmly taken over as Malaysians’ preferred way to pay in 2025, with a new Ipsos study revealing that nearly three in five consumers used digital payment methods in the past three months.
According to Ipsos’s “Non-cash Economy and the Role of E-Wallets” report, e-wallet usage jumped 14 per cent year-on-year, while online bank transfers continued their steady rise. The shift, the study noted, is fuelled by increasing trust in digital platforms and the appeal of fast, convenient, and reward-driven transactions.
Young adults remain the most avid adopters, with almost two-thirds of those aged 25 to 34 using e-wallets recently. Yet the trend is spreading across age groups, highlighted by an 11-percentage-point jump in online bank transfer usage among Malaysians aged 35 to 44—signalling a broader move toward digital banking.
Credit and debit cards also continue to contribute to the expanding non-cash landscape.
E-wallets have become the top choice for everyday spending. The food and beverage sector posted the strongest growth, rising 15 percentage points to hit 75 per cent usage. Retail, toll payments, parking and food delivery also saw consistent gains.
Despite more players entering the market, most Malaysians still rely on only one or two apps. Touch ‘n Go remains the clear frontrunner, used by 78 per cent of e-wallet users in the past three months. MAE retains second place at 44 per cent, followed by ShopeePay (10 per cent), Setel (6 per cent) and GrabPay (4 per cent).
Ipsos noted that consumers have become more selective as the market matures.
This trend mirrors national data, where Malaysia’s total e-money transaction value surged 70 per cent year-on-year to reach RM21.5 billion in May 2025. Ipsos attributed the rapid growth to government measures like the expanded rollout of DuitNow QR, predicting that digital payment adoption will continue to accelerate.
