People who are not reached by e-wallets are most concerned about security. The security of their information and the possibility of data breaches is a concern for fifty percent of people who are already using E Wallets Malaysia.
Thus, if 92% of people are yet to be empowered to use e-wallets, the fin-tech and banking industries would have trouble implementing high-security solutions in a timely manner.
Additionally, most merchants do not prefer E Wallet Malaysia as a payment method, which is another reason people do not think about them.
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In Malaysia, retail merchants are still struggling to adopt e-wallets due to current circumstances. They are still in the early stages and getting used to each other.
While some businesses have started accepting e-wallets, such as groceries, theaters, and petrol pumps, there are still many small businesses that need to be evangelized, such as taxi drivers and small shopping malls.
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People are also concerned about overspending on top of all these factors. If you have less access to money, you are more likely to spend more money. It has to do with the fact that cards can hold thousands of dollars in cash, whereas cash can only hold so much.
In the future, people will be able to access virtually unlimited amounts of money through e-wallets, making them spend more than they ought to. The use of e-wallets eliminates the need to bring even cards.
The payment problem would be solved if they brought their mobile devices everywhere they went. People can set spending limits in some wallets, giving them more control over overspending.