Public document released by the Central Bank describes measures to be taken by the company in order to disproof malpractices
The e-commerce market in Malaysia is expected to double by 2022. Over two-thirds of the 31.7 million Malaysian people use the internet. More than half the revenue of e-commerce is already earned through m-commerce. Which isn't surprising, as 89% of Malaysian Internet users access it through their smartphone, with 1.5 mobile contracts pro capita. The largest portion of this growth comes from merchants within Asia, although worldwide merchants are also gaining ground in the Malaysian market.
The Malaysian government is working on promoting the growth of e-commerce. The National E-commerce Strategic Roadmap, launched in late 2016, aims at doubling e-commerce sales in the next years. In 2017, Malaysians spent 110$ US per capita online, compared to 4,493$ US per capita at brick-and-mortar shops. The compounded annual growth rate is expected to be around 21% until 2022.
Credit cards (Visa, MasterCard, American Express) dominate the payment process with 45%, although other payment methods should grow quickly in popularity in the next few years. Local bank transfers and e-wallets such as Alipay and WeChat Pay will play a bigger role in the future. Mobile wallets were used to settle 7% of e-commerce transactions and 1% of POS transactions in 2017. Direct debits are also used, the most famous being Maybank2u and CIMBClicks.
Malaysia exports are mostly directed towards China, the USA, Singapore, Japan and Thailand. Import partners are mainly China, Singapore, the USA, Japan and Thailand.
Credit card 45%
Bank transfer 20%
Debit card 11%
Pay on delivery 9%
5 Bil. USD
Population: 31.7 Mil.
Internet usage: 87%
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