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As Malaysia is moving closer toward becoming a cashless society, the transaction value of credit cards in the country reached around *** billion Malaysian ringgit in 2024. This was an increase of more than ** billion Malaysian ringgit compared to the previous year. Despite a decrease in 2020, the transaction value of credit cards showed an upward trend in the past four years. 

Increase in credit card usage

The convenience of paying with credit cards is a likely reason for the increase in its usage among Malaysian consumers. The transaction value per capita of credit cards in Malaysia also revealed that the average individual owner would spend around Malaysian ringgit on their credit card in 2023, a *** percent increase from the previous year. Card-based payment was also the most popular method of payment for online transactions in Malaysia. With the popularity of e-commerce, as well as the ease of getting a credit card for Malaysians with a stable income, it will remain a common payment method in the coming years.

Leading credit card brand

All the major credit card brands are available for Malaysian consumers. Nevertheless, Visa and Mastercard are the two market leaders in the Southeast Asian country. Visa secured the leading position with ** percent of the credit card market share in Malaysia, while Mastercard had ** percent of market share in 2022.