Malaysia ranks second globally in QR code payments, just behind China, with 61.5% of its population using this method, surpassing countries like the UK and the US.
The widespread adoption is driven by the DuitNow QR system, which unifies various banks and e-wallets, making digital transactions seamless for both consumers and businesses.
Government-backed initiatives, fintech innovation, and the impact of COVID-19 have further accelerated the shift towards cashless payments, with over 2 million merchants now using DuitNow QR, surpassing traditional point-of-sale terminals.
However, while digital payments continue to rise, cash remains essential, especially in rural areas, highlighting the need for a balanced transition to a fully cashless society.
