Ways to Accept Cashless Transactions in Malaysia and Its Benefits
Cashless transactions in Malaysia have become a new trend of payment in exchange for goods or services.
Moreover, data states that more than 74% of Malaysian consumers have shifted to cashless transactions.
Indeed, the Covid-19 pandemic has accelerated cashless transactions in Malaysia.
More and more consumers are trying to make contactless payments in stores to control the spread of Corona-virus.
In addition, consumers are also leveraging several benefits of cashless transactions in stores.
Therefore, it has become essential for businesses to have a cashless payment system in Malaysia.
So, this blog will discuss the ways to accept a cashless transaction in Malaysia and its benefits.
Let's get started with the ways!!
4 Ways to Accept Cashless Transactions in Malaysia
Cashless transaction in Malaysia is the way of making payments in which hard cash is not involved.
In short, bank notes are not in use to make a transaction.
Moreover, bank cards (debit/credit cards) are the most common way of making cashless payments in Malaysia.
However, there are other ways too that can help in a cashless transaction.
So, let's see the ways to accept the cashless transaction in Malaysia:
#1. Bank Cards (Credit or Debit Card)
Bank Cards (Credit or Debit Card) are the most common way to make cashless payments in Malaysia.
Moreover, data says, more than 45 million Malaysian people use debit or credit cards to make payments.
Certainly, bank card transactions offer security, flexibility, and perks like discounts or vouchers.
In addition, credit cards offer extra funds (credits) to make payments, i.e., funds other than your savings.
This is why consumers tend to buy more at stores.
Therefore, having a system that accepts bank cards can help you boost sales at your store.
For that, you can use a card machine for small businesses in Malaysia.
You can also read this blog if you want to know some other benefits of card machines:
Benefits of Having a Card Machine for Small Business.
#2. E-Wallets or Mobile Wallets
E-Wallets or mobile wallets are prepaid payment solutions in Malaysia.
This conveys that consumers have to add funds to their eWallet from their bank accounts before making a payment.
Some of the common and popular eWallets in Malaysia are GrabPay, Boost, CIMB Pay, and more.
According to Domestic Trade and Consumer Affairs, eWallets or mobile wallets are growing significantly in Malaysia.
In addition, more than 600 million transactions are happening through eWallets and still growing.
So, as a business owner, you need to have an eWallet payment system at your store to attract customers who prefer eWallets.
Moreover, having an eWallet payment gateway is beneficial for your store or business.
#3. Online or Net Banking
Most banks offer apps to help users manage their accounts with their smartphones.
Moreover, these apps can help you make paperless transactions, i.e., through online or net banking.
In other words, cheques or DDs are not the only way of making transactions through your bank accounts in Malaysia.
Most Malaysian people who have a bank account use online or net banking as it helps in several ways.
For instance, it can help in checking account balance, transaction history, and most importantly, making payments.
According to data, the trend of online or net banking has increased significantly.
You can understand this by taking a look at this number, i.e., online transactions have increased from 449 million in 2016 to 1.16 billion in 2020.
In addition, after 2020, online or net banking has gained hype, especially due to the Covid-19 pandemic.
Therefore, being a business owner, you must grab this opportunity.
For that, you need to have a cashless payment system in Malaysia that accepts online or net banking payments.
#4. Online Payment Gateway
The online payment gateway Malaysia is an all-in-one cashless payment solution for small businesses.
It is a payment system that integrates into a store's point-of-sale terminals that helps in accepting payments.
In simple terms, it is a system through which customers settle their bills by transferring funds to you.
Moreover, having the best online payment gateway Malaysia at your store can help you accept major payment methods.
For instance, it accepts eWallets, net banking, bank cards transfer, and more.
Indeed, the best payment gateway is an all-in-one payment solution for your store.
However, choosing the best is not easy as many options are available on the market.
Therefore, to help you with that, we introduced Mobi, the best online payment gateway Malaysia.
Mobi offers several features like advanced security, the lowest MDR, quick settlement, ease to set up, and more.
So, being a business owner, you must choose Mobi for your store to manage every transaction in one place.
Thus, these are the ways to accept a cashless transaction in Malaysia.
Now, let's head to the benefits that come with it.
Benefits of Cashless Transactions in Malaysia
Both customers and businesses/stores leverage the benefits of cashless transactions in Malaysia.
So, let's see some of them!
The biggest concern of a person during cashless/online transactions is security.
In short, people don't want to lose their money and sensitive information during an online transaction.
Indeed, a merchant's primary duty is to have a secure cashless payment system in Malaysia, which reduces the risk of a data breach.
And to do so, merchants must choose Mobi, Malaysia's most secure payment gateway.
It offers multi-level security, especially end-to-end encryption to secure sensitive information and the hard-earned money of a customer.
If you want to know more about the security features of Mobi, you can read this blog:
How Secure is Mobi? Decoding its Security Features.
Cashless transactions in Malaysia can help in faster checkout.
In other words, customers need not wait to count their money or wait to get their change back during bill settlement.
Moreover, customers can make hassle less payment to settle their bills at a store.
Get Discounts or Other Perks
Many bank cards offer several perks to their users if they make payments through them.
For instance, credit cards offer cashback, discounts, shopping vouchers, promo codes, and more.
Therefore, people make transactions through their credit cards whenever they can.
Thus, these are the benefits of cashless transactions in Malaysia.
This blog discussed several ways to accept cashless payments at your store.
In addition, a cashless transaction in Malaysia can benefit both businesses and customers.
For instance, businesses can benefit from attracting more customers, and consumers can benefit through perks.
Therefore, having a cashless payment system in Malaysia at your store is essential.
For that, you can choose Mobi, the best and all-in-one payment gateway in Malaysia which accepts major payment methods.