Capturing emerging payments opportunities in rapidly developing economies: A review of the Malaysian payments landscape

Abstract

The role of technology has largely changed the Malaysian payments landscape. With consumers becoming more aware of the power that technology brings, they are also demanding more sophisticated, efficient payment services to simplify their lives. The widespread adoption of the internet and the rising popularity of smartphones in Malaysia are enabling new ways of making payments. Electronic and mobile payments, in particular, have emerged among the most popular means of making payments. Although the payments space has traditionally been owned by banks, non-bank players have proved themselves to be highly proficient in developing innovative payments solutions that cater to the needs of the modern consumer and are slowly gaining market share in the payments space. Banks are now more pressured than ever to keep up with their competitors and to remain current with technology in order to remain relevant to their customers. This paper looks at the latest payment trends in Malaysia and the type of payment solutions that Maybank offers to consumers and corporations in meeting their growing demands for greater convenience and flexibility in managing their finances.