Majority of M'sians aware, interested in using digital banking services: Visa

  • 74% aware and 65% interested in using digital banking services
  • 43% of Malaysians choose to bank only online 

Majority of M'sians aware, interested in using digital banking services: VisaVISA released new findings from its Visa Consumer Payment Attitudes study noting that over seven in 10 Malaysians (74%) are aware and 65% are interested in using digital banking services. 

In a statement the payment giant said in the past 18 months, the nation has seen a significant acceleration in digital adoption due to the pandemic with many Malaysians changing the way they work, pay, and even bank. 

Visa said that this is a positive outlook for applicants who had submitted their applications for the digital banking licences issued by Bank Negara Malaysia.

The study showed that 43% of Malaysians currently do not visit any bank branches and choose to bank only online but instead are drawn to using services from digital banks as they believe the services offered are more efficient, convenient, accessible, and secure, Visa said.

Having access to the same type of services at traditional banks but via digital channels allows consumers to bank at a place and time of their choice without being tied to the limitations of banking hours and long queues, it added.

As the nation moves forward towards an era of digitalisation, Visa continues to collaborate with traditional banks that are building digital banking capabilities and new partners that are creating new digital banking services to add value to Malaysians' current needs.

“The shift to digital banking is highly anticipated by Malaysians and the study indicates that the nation is ready to go digital,” said Ng Kong Boon, country manager for Visa Malaysia.

Ng said Malaysians look forward to the digital banking experience for their basic banking needs, with highest interest to use digital banking services for bill payments (78%), transferring money to family and friends (69%), payment at retail locations (62%) and deposits and withdrawals (61%).

“Based on the findings, Malaysians are not only open to traditional banks but also new entrants that will be issued digital banking licenses. They have expressed interest in the digital banking services provided by renowned brands (71%), financial services brands (65%), and even new start-ups (60%),” Ng added. 

He added that it will take the collective effort of the government, existing traditional banks and institutions applying for digital banking licenses to create better financial inclusion for all, not just the affluent, but also the underserved and unserved population.

 

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