Users of various mobile payment apps in Malaysia in 2020, with forecasts to 2025
starting to catch up to other Southeast Asian countries when it comes to mobile commerce. The two main wallets emphasized this further in 2021 as they expanded their ecosystems that year by forming partnerships with other companies. For instance, GrabPay - the in-app wallet of Southeast Asian superapp Grab - started implementing Malaysia's QR code standard DuitNow since June 2021, a popular payment method for real-time payments within the country. Since July 2021, the Touch ‘n Go wallet has a partnership with insurance firm AIA - now offering insurance solutions within its digital environment.
Mobile wallets GrabPay and Touch 'n Go are both expected to see their user number almost get doubled between 2020 and 2025. Malaysia is regarded as a fast growing market for mobile payments, as it is