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According to the Association of Banks in Malaysia (ABM), e-payment transactions surged by 28% to hit 14.7 billion
According to The Star, between 2022 and 2025, the value of e-money transacted in Malaysia quadrupled, ballooning from RM71.1 billion to a staggering RM272.5 billion.
While Gen Z and millennials usually lead the charge, ABM noted that senior citizens are now catching up
This rising adoption was credited to simpler app interfaces, better security, and a general familiarity with digital services.
However, going cashless requires digital hygiene to avoid surprises.
ABM recommends enabling multi-factor authentication, using biometrics, and strictly avoiding financial transactions on unsecured public WiFi networks to increase security in e-wallet transactions
"Download apps only from official app stores, regularly update operating software on devices and applications, and monitor transaction alerts," the association added.
Users should report any suspicious pings immediately to stay safe.
Even with increase in adoption, there are still challenges in getting more Malaysians to adopt e-wallets
Yee Won Nyon, a product manager at Wise, pointed out that exchange rate markups, and uneven access in rural areas remain sore points.
Despite these issues, Nyon is optimistic, noting that cross-border remittances for families are a major driver for digital adoption in these regions.
Meanwhile, some experts argue that cash should stay. Carmelo Ferlito, CEO of the Centre for Market Education, noted that physical money is vital for those who value privacy, budgeting discipline, or face technological barriers.
