A Visa study conducted last year showed a massive increase in online shopping activity and the use of contactless payments among Malaysians as they adapted to the ‘new normal’ of the COVID-19 pandemic. The corporation believes the trends will continue, accelerating the country towards a cashless society.
According to Visa’s Consumer Payment Attitudes study, over four in 10 Malaysians shopped online for the first time, and over three in 10 made their first purchase online using social media channels. Furthermore, 88% of Malaysians used home delivery services – of which 36% were first-time users. Online shopping through phone apps and websites grew by a staggering 83% while shopping via direct delivery over phone orders increased by 65%.
Unsurprisingly, the pandemic also pushed people toward contactless payments – there was a 63% increase in contactless card payments among contactless payment users. For every 10 transactions, Malaysian cardholders made an average of seven contactless payment transactions.
“Personal safety has become a priority for consumers. We believe that due to the COVID-19 pandemic, digital commerce and consumer payment behaviours have transformed and will soon become the new normal,” said Visa Malaysia Country Manager Ng Kong Boon.
One finding should cheer the airline and tourism industries – 43% of Malaysians said they look forward to making international trips after the pandemic ends. Meanwhile, 30% also anticipate spending on domestic travel and 14% would like to do staycations in their own cities.