KUALA LUMPUR, 14 JULY: According to a Visa survey, 43% of Malaysians do not visit bank locations and instead prefer to bank entirely online. According to Visa’s ‘Visa Consumer Payment Attitudes’ study, 65 percent of Malaysians are interested in digital banking services, believing that they are more efficient, easy, accessible, and secure.
“Having access to the same kind of services as traditional banks but through digital channels allows clients to bank whenever and wherever they want without being bound by banking hours or long lines,” the company stated in a statement.
Due of the Covid-19 epidemic, Visa also stated that avoiding crowds and reducing physical interaction is becoming the norm.
“Due to the pandemic, the country has seen a dramatic acceleration in digital adoption during the last 18 months.” Many Malaysians have altered their work, payment, and banking habits.
“This is encouraging news for anyone who applied for digital banking licenses from Bank Negara Malaysia,” Visa said.
According to the report, 74% of Malaysians are aware of digital banking services.
The poll results, according to Visa Malaysia national manager Ng Kong Boon, suggest that Malaysia is ready to enter the digital era.
“According to the findings, Malaysians are receptive to both conventional banks and new entrants who will be granted digital banking licenses.”
They’re interested in digital banking services offered by well-known brands (71 percent), financial services businesses (65 percent), and even fresh start-ups (60 percent ). We believe that improving financial inclusion for all, not just the wealthy, but also the underserved and unserved, will require a concerted effort by the government, existing traditional banks, and institutions vying for digital banking licenses.
“The study also revealed that Malaysians are motivated to switch to a digital bank because of higher benefits (78%) and cheaper prices (72%),” he added.
According to Visa, 78 percent of respondents want to use digital banking services to pay bills, and 69 percent want to use them to send money to family and friends. Meanwhile, 62% of people use digital services to make payments at stores, and 61% use them to make deposits and withdrawals./n
