Pix for representational purpose only.
PETALING JAYA: More Malaysians are ditching cash for digital wallets to make purchases, but they are mostly urban residents.
In the past year, the number of transactions through e-wallet has gone up by 131%. Mobile banking has also seen a surge - by up to 125%.
This has pushed Kuala Lumpur’s position in the Global Fintech Rankings 2021 to 67th spot, up 11 rungs from the previous year.
As expected, the acceleration in the adoption of digital finance has been driven mostly by the Covid-19 pandemic, Vincent Fong, chief editor of
Fintech News Malaysia, told
theSun.
According to the publication’s 2021 report, there were 233 financial technology firms in Malaysia last year, up from 193 the year before.