Malaysia's e-payments surge in 2024

Malaysia is on track to meet its 2022–2026 Financial Sector Blueprint target as e-payment usage surged in 2024, the country's central bank said. Bank Negara Malaysia (BNM) reported a 19% rise in per capita e-payment transactions to 409, or more than one per day, up from 343 in 2023. Online banking led growth, rising 24%, with mobile banking making up 62% of such transactions. E-money use climbed 25%, driven by e-wallets. Debit cards also saw strong growth, with contactless usage reaching 83%. DuitNow QR transactions more than doubled to 870 million, supported by 2.6 million acceptance points. BNM said it will focus on safety, innovation, and regional integration in 2025, including work on real-time transfers, digital currency, and collaboration under Malaysia’s ASEAN chairmanship.