• In the United States, 69% of men and 58% of women made online purchases in 2020.
• Women tend to spend more time researching products and reading reviews before making a purchase, while men tend to make quicker purchasing decisions.
• In Malaysia, women make up 52% of online shoppers, while men spend more per transaction than women (RM232 compared to RM189 for women).
• Malaysians prefer to use mobile devices for online shopping, with 64% of online shoppers making purchases on their smartphones.
• The most popular product categories for online shopping in Malaysia are fashion, beauty, and electronics.

Overall, these findings suggest that while both genders are active online shoppers, their behaviors can differ. Women may be more thorough in their research and purchasing decisions, while men may spend more per transaction and make quicker decisions. Businesses can use this information to better understand their customer base and tailor their marketing strategies accordingly.

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The Enablers

In Malaysia, several e-wallet brands are leading the way in digital payments. Boost, GrabPay, and Touch ‘n Go eWallet are some of the most popular e-wallets in the country, and are widely used for a variety of transactions, including payments for transportation, food delivery, online shopping, and bill payments.

In addition to e-wallets, many banks in Malaysia offer digital payment services that allow customers to make payments and transfer funds using their mobile devices. For example, Maybank2u, CIMB Clicks, and RHB Now are all popular digital banking services that provide customers with a convenient and secure way to manage their finances.

Other service providers in Malaysia are also contributing to the growth of digital payments in the country. For example, iPay88, senangPay, ToyyibPay or edxaPay is a payments processing company that provides payment gateway services to businesses, enabling them to accept payments from a range of digital channels, including credit and debit cards, e-wallets, and online banking.

QR Code, The Future of Payment

The “e-Conomy SEA 2022” report highlights the importance of payment infrastructure in driving the growth of digital payments in Southeast Asia. The report notes that the widespread adoption of QR codes, the development of real-time payment systems, and the expansion of card payment networks have all played a significant role in facilitating the growth of digital payments in the region.

The report also predicts that the value of digital payments in Southeast Asia will continue to grow at a compound annual growth rate (CAGR) about 27% from 2020 to 2025, reaching a value of $1.17 trillion by 2025. This growth is expected to be driven by several factors, including the increasing adoption of digital payments by consumers and merchants, the expansion of digital wallets and payment infrastructure, and the growth of e-commerce and other digital services.

Final Words

In conclusion, the “e-Conomy SEA 2022” report highlights the growing importance of digital payments in Southeast Asia’s digital economy. With the increasing adoption of mobile devices and the proliferation of payment infrastructure, e-wallets, banks, and other service providers are well-positioned to continue driving the growth of digital payments in the region.

Source: https://services.google.com/fh/files/misc/e_conomy_sea_2022_report.pd

The post The Growth of Digital Payments in Southeast Asia: Insights from ‘e-Conomy SEA 2022 Report appeared first on Edxapay.

DuitNow

DuitNow is a service that enables instant fund transfers between participating banks and e-wallets in Malaysia using just a recipient’s mobile number or National Registration Identity Card (NRIC) number. Here are some of the pros and cons of using DuitNow:

Pros:

1. Instant and convenient. DuitNow transactions are processed in real-time, meaning that recipients receive funds instantly. This makes it a convenient option for making urgent payments.
2. Secure. DuitNow transactions are highly secure, as they are authenticated using multiple layers of security, including mobile device verification, one-time passwords, and biometric authentication.
3. No need for bank account details. With DuitNow, users only need to provide a recipient’s mobile number or NRIC number to make a payment, eliminating the need for bank account details. This can be especially useful for small businesses and individuals who may not have a formal bank account.

Cons:

1. Limited availability. DuitNow is currently only available to users who have accounts with participating banks and e-wallets. This means that not all Malaysians can use the service.
2. Transaction limits. DuitNow transactions are subject to certain limits, which may vary depending on the user’s bank or e-wallet provider. This can be a drawback for businesses or individuals who need to make large payments.
3. Limited use cases. DuitNow is primarily designed for person-to-person (P2P) transfers, which means that it may not be suitable for all payment scenarios, such as online purchases or bill payments.

FPX

FPX is a payment gateway service that enables online banking customers to make real-time online payments using their savings, current, or credit card accounts. Example of payment gateway service such as eGHL, edxaPay, ToyyibPay, SenangPay or iPay88. Here are some of the pros and cons of using FPX:

Pros:

1. Wide acceptance. FPX is widely accepted by merchants in Malaysia, making it a convenient option for online shoppers. It is supported by most major banks, meaning that users can choose from a wide range of banks to make payments.
2. Secure. FPX transactions are highly secure, as they are authenticated using online banking credentials, such as a username and password or a security token.
3. Suitable for various payment scenarios. FPX can be used for a wide range of payment scenarios, including online purchases, bill payments, and charitable donations.

Cons:

1. Transaction fees. FPX transactions may be subject to transaction fees, which may vary depending on the user’s bank. This can be a drawback for users who want to avoid additional costs.
2. No instant payments. FPX transactions may take up to two working days to be processed, which means that recipients may not receive funds immediately.
3. Need for bank account details. With FPX, users need to provide their bank account details to make a payment, which may not be suitable for users who want to avoid disclosing their bank account information.

Conclusion:

In summary, both DuitNow and FPX are useful payment options for Malaysians, depending on their specific needs and preferences. DuitNow is ideal for P2P transfers, as it enables instant and secure payments without the need for bank account details. However, it may not be suitable for all payment scenarios and is subject to transaction limits.

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