KUALA LUMPUR (Oct 23): Malaysia, with its population of about 30 million people, is an attractive market for e-commerce in Southeast Asia due to its rapid economic growth and advanced digital technology infrastructure.
In a report titled "The Next Wave" Emerging Digital Life in South and Southeast Asia released yesterday, Deloitte said the contribution of e-commerce to Malaysia's gross domestic product (GDP) has grown steadily, reaching about US$28 billion in 2018.
The report said Touch ’n Go covers the highest number of users for its e-wallet application (82.41%), followed by Boost (66.68%).
It said that in February, Malaysia became the second country to support subway payment and entrance via QR code after Touch ’n Go joined the DuitNow system.
The report also highlighted Malaysia as having the highest social media penetration rate.
It said as of January 2020, about 81% of the Malaysian population are active social media users, up by about a third from 2016.
The study found that Facebook is the most popular social media platform among Malaysian users as of 2020, followed by Instagram, Facebook Messenger and LinkedIn.
Deloitte said Malaysia also has the second highest penetration rate of smartphones (83%) after Singapore (87%).
Overall, about 80% of Malaysia’s population are active Internet users, and mobile phone use is likewise relatively high, it said.
The report based on a survey conducted by Deloitte across age groups in eight countries in South and Southeast Asia which showed that consumers aged between 21 and 40 years are the leading force enabling the rapid adoption of digital life in the region in the post-Covid-19 world
The report was originally launched by Deloitte in September at the INCLUSION Fintech Conference in Shanghai, organised by Ant Group and Alipay.
It is produced by Deloitte in partnership with the INCLUSION Fintech Conference.