QR code-based payment is becoming a major trend in Asia-Pacific countries
Malaysia moves towards QR payment adoption. Source: shutterstock.com
According to GlobalData, Malaysia’s total card payments’ value is set to increase to $81 billion in 2023, compared to $50.4 billion in 2019.
The report reveals that the rise in e-payments is supported by the growing adoption of mobile wallets as well. This trend is also prevalent in other Asian markets such as China and India.
In addition to that, 56.5% of the survey respondents in Malaysia had a mobile wallet and used it, whereas only 6.5% of the respondents never heard about them.
Malaysian government considers QR-based mobile payments as a workable alternative for cash. For example, Payments Network Malaysia launched a common QR code standard called DuitNow QR in July 2019. Public Bank Berhad along with over 40 banks and e-wallet providers are set to support this system in the following months.
QR codes’ major advantage is driven by its cost-effectiveness since it eliminates the need for smaller merchants to set up expensive POS terminals. This way, merchants can simply use a sticker with a QR code to accept e-payments.
SEE ALSO:
- QR-payments and services: prominent examples of usage
- How to scan a QR code with an iPhone
- Recurring payment: what it is and how it works
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