41% of Malaysian merchants prefer cash due to high card transaction fees
Apr 5, 2022
This statistic is from the PayNet Digital Payments Insights Study 2022: Weathering the Pandemic
The report, prepared by Payments Network Malaysia, focuses on the payments landscape of Malaysia and its development during the pandemic. Its key findings are that cash remains the number one payment method, with 78% of people preferring it to other options. 48.4% use cash on a daily basis despite the increasing popularity of cashless options.
The pandemic did not replace cash as the main payment mode, but usage has been less frequent
The main reasons for choosing cash over other options are ease of use, security and budget control. For businesses, security of cashless options is also a concern, alongside worries about high transaction fees specifically when accepting payments by credit or debit card.
About Payments Network Malaysia
Payments Network Malaysia Sdn Bhd (PayNet) is the national payments network and shared central infrastructure for Malaysia’s financial markets.