In this cover story, Alvin Gan, Head of IT Enabled Technology (ITeT), KPMG Management Consulting shared his insights about the rising use of e-wallet services in Malaysia. The growth of cashless payment options, including that of the e-wallet, has grown exponentially in Malaysia. Additionally, the central bank has also pushed to have Malaysia become a cashless society by 2050, but this could happen earlier if the mobile wallet trend continues on its current trajectory.
Alvin shares that while he observed a steady increase in demand for e-wallet services, cash is still Malaysia’s favorite mode of payment by a significant margin. There are several factors for this, he explains, such as a high unbanked population and limited internet connectivity in rural areas, an undeveloped and fragmented payment infrastructure as well as low consumer trust in electronic payments.