Cashless for all: E-wallets now a national habit for Malaysians across generations

KUALA LUMPUR, Aug 10 — E-wallets, once considered a habit of younger Malaysians, have transformed into a national necessity across all age groups, according to new Ipsos Malaysia data. A recent survey reveals that the middle-aged group, aged 35-44, and those aged 45 and above, have shown the fastest growth in e-wallet usage, both increasing by four to nine percentage points to 64% and 44%, respectively.

This shift indicates that e-wallets are now a daily habit embraced by Malaysians of various life stages, rather than just a tool for the younger generation. The report highlights that the fastest-growing usage occasions for e-wallets are everyday, offline activities such as food and beverage purchases, toll and parking payments, and retail transactions.

These routine errands, which involve middle-aged individuals like working professionals and families, have become the primary drivers of e-wallet adoption. This transition signifies that e-wallets have moved beyond being a convenience for the tech-savvy to becoming a national habit, transcending income groups and professions. For older Malaysians, particularly those in their 40s, 50s, and 60s, this adoption of e-wallets offers practical benefits such as reduced commute times at toll booths and parking, as well as increased convenience and trust in the technology.

However, it also highlights the importance of digital literacy and scam awareness for this demographic, as they may be more vulnerable to financial risks associated with mobile payment apps. Overall, the data underscores the normalization of e-wallet usage across Malaysia, reflecting a significant shift in payment habits that extends beyond technological convenience to become an integral part of daily life for people of all ages.