Covid boosts M’sian cashless society drive

Kota Kinabalu: Bank Negara Malaysia’s drive to cashless society is being increased by 2020 Covid fears of the coronavirus spread on ringgit notes and coins transactional exchanges, leading to a rise in e-wallets payments using a mobile device to scan a quick response (QR) code.

Such cashless payments are being increased as more Covid-19 infections spread and highlighted in the news, coupled with a number of e-wallet players in the market provided by both banks and non-bank players. The government has been quite supportive of e-payments like vide “Sabah Pay” app.

In 2019, data indicated that e-wallets made up less than 5 per cent of all transactions while other forms of non-cash payment like credit or debit cards still dominant relative to e-wallets, is expected to change from end 2020 as more banks enter the competition posed by Boost and Grab Pay etc.

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