Payment methods in Malaysia
Between 2022 and 2023, the Malaysian e-commerce market will grow from US$10 billion to US$23 billion.
Market takeaways
- Between 2022 and 2023, the Malaysian e-commerce market will grow from US$10 billion to US$23 billion.
- The average Malaysian online shopper spends US$326 a year with e-commerce merchants, set to rise to US$685 by 2027.
- Malaysians use cards to pay for just 28% of their online purchases. For the rest they use cash and a variety of digital payment methods.
- Popular payment methods in Malaysia include GrabPay, Boost and bank-transfer app CIMB Clicks.
- Malaysians use mobile devices to complete 56% of their online transactions, making mobile optimization a must.
Population
33.0M
Online population
31.0M
B2C e-commerce
$10B
Banked population
90%
Credit card population
24%
E-commerce of total retail
9%
Payment method breakdown
- Card28%
- Cash6%
- Bank Transfer37%
- E-Wallet24%
- Other5%
Card scheme breakdown
- Visa58%
- Mastercard39%
- American Express2%
- Local schemes1%
- Other0%
Cross-border e-commerce
Cross-border shoppers
0%
Share of e-commerce
0%
Cross-border value (est.)
$5B
Featured payment methods in Malaysia
All payment methods available in this market, sorted by prominence.
ShopeePay
ShopeePay is the in-app and online wallet of the Shopee marketplace, among the most-used wallets across Southeast Asia. Operator: Shopee / Sea Limited. Est. users: Tens of millions across SEA (2025).
SPayLater
SPayLater is Shopee's embedded buy-now-pay-later option at checkout, the leading BNPL by users in Malaysia and large in Indonesia. Operator: Shopee / Sea Limited. Est. users: Largest BNPL share in MY (56.5%, 2025).
Boost
Boost is a leading Malaysian e-wallet by Axiata, regulated by Bank Negara Malaysia and used at online and in-store checkout. Operator: Boost Holdings (Axiata). Est. users: Several million users (2025).
DuitNow
DuitNow is Malaysia's national real-time transfer and QR scheme operated by PayNet under Bank Negara Malaysia. Operator: PayNet (Payments Network Malaysia). Est. users: Tens of millions of users (2025).
FPX
FPX is Malaysia's bank-to-bank online payment scheme run by PayNet, a dominant e-commerce checkout option via internet banking. Operator: PayNet (Payments Network Malaysia). Est. users: Tens of millions of users (2025).
Setel
Setel is Petronas' mobile payments app in Malaysia, used for fuel and online/in-store purchases under Bank Negara Malaysia. Operator: Setel Ventures Sdn Bhd (Petronas). Est. users: Several million users (2024).
Touch 'n Go eWallet
Touch 'n Go eWallet is Malaysia's most widely accepted e-wallet, a TNG-Ant Group venture under Bank Negara Malaysia. Operator: TNG Digital Sdn Bhd (TNG Group / Ant Group). Est. users: Tens of millions of users (2025).
MAE
MAE by Maybank is a popular Malaysian e-wallet and mobile banking app used for online checkout, DuitNow QR and transfers. Operator: Maybank (Malayan Banking Berhad). Est. users: Several million users (2025).
GrabPay
GrabPay is the super-app wallet of Grab, used for online and in-app checkout across the Philippines, Malaysia and Singapore. Operator: Grab Holdings (GPay Network). Est. users: Several million users across SEA (2025).
BigPay
BigPay is a Malaysian e-wallet and prepaid card from the AirAsia/Capital A group, used for online payments and remittances. Operator: BigPay Malaysia Sdn Bhd (Capital A). Est. users: Several million users (2024).
Featured banks in Malaysia
All banks operating in this market, sorted by prominence.
Maybank
Kuala Lumpur, Malaysia
Maybank is Malaysia's largest bank and one of Southeast Asia's top financial groups, with a strong ASEAN franchise offering retail, SME, corporate, and Islamic banking.
OCBC Bank
Singapore
OCBC Bank is Singapore's second-largest bank, offering retail, commercial, investment, and Islamic banking through Bank OCBC Al-Amin in Malaysia.
Al Rajhi Bank
Riyadh, Saudi Arabia
Al Rajhi Bank is the world's largest Islamic bank by assets and Saudi Arabia's second-largest bank, offering Shariah-compliant retail, corporate, and investment banking.
UOB (United Overseas Bank)
Singapore
UOB is Singapore's third-largest bank with a strong pan-Asian network covering ASEAN markets, offering retail, SME, and corporate banking.
Bangkok Bank
Bangkok, Thailand
Bangkok Bank is Thailand's largest bank by assets, offering retail, SME, and corporate banking with a strong regional network across ASEAN.
CIMB Bank
Kuala Lumpur, Malaysia
CIMB Bank is Malaysia's second-largest bank and a leading regional bank across ASEAN, offering retail, SME, corporate, and Islamic banking.
Public Bank Berhad
Kuala Lumpur, Malaysia
Public Bank Berhad is Malaysia's third-largest bank, known for its consistent profitability, retail lending, and SME banking.
RHB Bank
Kuala Lumpur, Malaysia
RHB Bank is Malaysia's fourth-largest bank, offering retail, SME, and corporate banking with a growing regional presence.
Other Banks — Malaysia
Kuala Lumpur, Malaysia
Aggregate of remaining banks in Malaysia, collectively ~28.0% of domestic banking assets.
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