Malaysians prefer e-wallets and debit cards as payment methods amid the COVID-19 pandemic

KUALA LUMPUR – Netizen eXperience recently conducted a survey which found an encouraging number of Malaysians moving towards e-wallet and debit card transactions, especially since the enforcement of the Movement Control Orders (MCO).

“We recently surveyed more than 1,000 Malaysians between the age of 18 and over 65. Most people still prefer cash transactions, especially before the enforcement of MCO,” said Netizen eXperience User Experience Consultant, Alvin Chai.

The key factors that contribute to this are Malaysians’ concerns over security and privacy issues, and the possibility to overspend with cashless payment methods, added Chai.

Netizen eXperience (NX) recognises that the user experience (UX) and user interface will need more focus on alleviating these concerns and the company believes it is equipped with the expertise.

“Post MCOs, e-wallets and debit cards are becoming fast favourites and the main reasons are because of contactless payments and convenience,” he said, adding that the shift was a step in the right direction with the buzz of digital banking licensing in Malaysia.

The survey also found the use of cashless payment methods being more prevalent in those aged between 18 and 54, compared to those aged 55 and above. In the Budget 2020 tabling, Malaysian Finance Minister Tengku Zafrul Aziz announced that Bank Negara Malaysia was finalising the licensing framework for digital banks and the central bank plans to issue up to five digital bank licences.

Recognising this importance, NX comes into play with its purpose and aspiration to improve UX by building user-centric products through innovative tools and emphasising human-centred approaches.

The research and strategy consulting firm in Asia was set up in 2011 and specialises in all things digital development of mobile apps, launching digital features for its clients and even building websites. However, what drives NX’s operations most is its key strength in being able to track the digital behaviour of consumers and carry out data analytics following a digital product launch.