Towards a Cashless Malaysia: The Stakeholders’ Perspective

*Available in digital version only
04 Dec 2018
33-page report
Malaysia’s migration towards a cashless society is one of the main thrusts towards embracing the digital economy. As a means to enhance financial inclusion further, Bank Negara Malaysia (BNM) has supported the policy objective of a cashless economy. To understand the pull and push factors in the evolving retail payment landscape towards increased cashless transactions, the Asian Institute of Finance (AIF) in collaboration with University of Malaya’s Department of Finance and Banking, has conducted a study to collect feedback from various stakeholders that are driving this initiative forward. This report is based on wide-ranging discussions with officials from local and international financial institutions, non-bank cashless service providers or Fintech firms, as well as the regulator, BNM. We surveyed consumers as well as small businesses in the Klang Valley to understand the factors that motivate the adoption of various cashless payment instruments.
Study Approach