Visa’s view of how the pandemic has changed the way Malaysia is paid – Wired PR Lifestyle Story

[This is a sponsored article with Visa.]

Even before the pandemic started, money was not something I often used. I would choose to take out a debit card and remove the QR code, as I find these methods more convenient, as transactions are faster, and I can avoid a large wallet.

When Visa Malaysia sent us a study on the payment attitudes of Malaysian consumers, I saw that I was a 60% Malaysian, gradually becoming more confident in cashless payment methods.

Note: The survey surveyed 1,000 people between the ages of 18 and 65, all of whom had incomes of at least RM 2,000 through full-time, part-time or self-employment. Respondents are from all over the country, including eastern Malaysia.

I wanted to see people in my circle experience this specific change, and I asked my Vulcan Post colleagues to share how and why their payment preferences have changed.

Non-contact methods are on the rise

Contrary to many people’s beliefs, cash is still widely used, but there are many ways to keep track of it, such as online card transactions, mobile wallets, and physical contactless (Tap to Pay) terminals.

This year, contactless methods have increased their frequency of use compared to 2020, and cash has fallen by 4% in use.

The Vulcan Post team probably contributed to this change because nine of my co-workers told me that they would prefer to use cashless methods.

But also, in line with the fact that cash is still widely used, we still have some in our wallet.

Planning for 2022:

With more establishments offering cashless payment options next year, check out cashless payment offers from retailers looking to promote more reception. There are usually seasonal discount codes or one-time discounts.

However, it will disappear as an important way to pay for money next year, so you should be in line at the ATM.

Where money is still king

That being said, Ringgit bills often stop until very specific circumstances require it.

Our business development director Rikco, editorial writer Joycelyn, and video producer Matt only use the money to pay for food. kopitiams or roadside snack stalls, and our video editor Fadhilah uses the money to pay for food and gas.

Visa is back in the Malaysia poll, with dining and gasoline being the two areas where we use the most cash during the pandemic.

Meanwhile, some of the categories that Malaysians use the most contactless payment methods are food shopping, paying bills and entertainment.

Some of my colleagues agree with this, but even before the pandemic, this was the rule for them.

However, we pay for our service bills using apps, and online movie tickets are sometimes required to reserve our seats as soon as possible.

This is also a constant trend, with 50% of Malaysians paying their bills and seeing shopping in supermarkets as an activity that no longer requires money. Therefore, there is likely to be no change in 2022.

Planning for 2022:

Before making any purchases, find out which shopping platform, e-wallet, and payment card is the best optimized combination to maximize your savings and rewards.

For example, the more you can spend on credit cards, the more money you can earn to unlock higher levels of return. Or, purchase a product from an e-commerce website that you reloaded with a credit card using your wallet and collect points on both platforms.

The Vulcan Post team found that our spending patterns have largely not changed compared to pre-COVID times. In fact, some of us are spending even less on driving and less on home cooking, for example.

Why this change of preference?

Apparently, Malaysians prioritize convenience over all other factors when choosing payment methods. Interestingly, the survey says that money is a very convenient option, but contactless cards and QR payments are higher.

But looking at how much money we’ve relied on lately in perspective, more than half of those surveyed have been successful without spending a week or more on physical money.

Sade, our managing editor, earns more than 500 Malaysians, using physical currency only once in a few months. In fact, she prefers tap-to-pay and QR methods while shopping in stores.

If you think you hate using your money, Venxhin our business development manager has stopped making a purchase because the merchant did not offer a contactless option.

Either or both have the same reason for going without cash: cards and e-wallets offer more convenience.

In addition to not having to count individual bills before you pay, rejecting cash means you spend less time visiting ATMs and queuing.

With less money, you reduce your frequency of contacting potentially infected bills, which is another advantage. The survey places a high level of hygiene among the factors that help shape our priorities in this pandemic.

In addition, those who use credit cards and mobile wallets frequently make use of the reward system as well.

With all these reward points, vouchers, and offerings in place, digital payment methods can maintain a loyal user base. Add to that the benefits of convenience and cleanliness, e-wallets and contactless cards should continue to be popular in the future.

Planning for 2022:

Visa Malaysia predicts a rebound in travel as more than half of Malaysians plan to travel inland next year.

If you are one of the 33% of Malaysians who plan to fly abroad, use your credit card to collect travel miles, which will come in handy when more countries open their borders next year.

Will Malaysia be a post-COVID-19 moneyless society?

By 2022, we expect more people to choose to use electronic wallets and contactless mobile phones (NFCs). These methods have skipped the frequency of use compared to last year.

Non-contact card payments are also popular, with seven out of ten users logging in with the method since the pandemic began. But growth in adoption has stalled since 2020.

I think one of the reasons for this is the resurgence of money in an increasingly immunized society. As markets and canteens have welcomed customers in recent months, cash has regained its importance.

However, comfort and hygiene will still be in high demand in the post-pandemic world. So we could see the rise of biometric payment methods in the near future.

Malaysians are increasingly interested in using biometric payment methods such as face recognition or finger scans.

• Learn more about Visa contactless payments here.
• Read more about what we wrote about Visa here.