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Dublin, November 29, 2021 (Global News Agency) – “Malaysia Prepaid Card Business and Investment Opportunities-Market Size and Forecast (2016-2025), Consumer Attitudes and Behaviors, Retail Expenses, Market Risks” Report has been added to ResearchAndMarkets.com supply.
According to the global prepaid card survey in the second quarter of 2021, the prepaid card market in Malaysia is expected to grow by 17.2% year-on-year in 2021, reaching US$7.0311 billion. The prepaid card market is expected to grow during the forecast period, recording a compound annual growth rate of 15.2% during the period 2021-2025. The prepaid card market in Malaysia will increase from USD 5.999.2 billion in 2020 to USD 10.56 billion in 2025.
Merchants are increasingly adopting contactless payment technology, which has prompted more and more consumers to turn to prepaid payment tools in Malaysia. In addition, the rise in smartphone penetration and the growth of the e-commerce industry are also the main reasons why consumers in the country are increasingly adopting prepaid cards.
Malaysia has a large millennial population. Nearly 20% of the millennials in the country use public transportation to pay through mobile payments. It is worth noting that about 60% of millennials in the country are using cards to pay for groceries.
A favorable regulatory framework encourages prepaid card suppliers to:
In the past few years, the Malaysian government and central bank have made it clear that they want to make Malaysia a cashless society. Therefore, the government and the central bank have taken many measures to support their goal of achieving a cashless society. …
The full story can be found on Benzinga.com
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