An overview of the digital financial services industry
Online banking in Malaysia is an increasingly popular form of financial service. It’s a convenient way for Malaysian citizens to access their accounts and manage their money without having to physically go to the bank. Online banking services in Malaysia are provided by banks, as well as other non-banking third-party providers. There are certainly many types of online banking in Malaysia.
The Different Types of Online Banking:
1. Mobile Banking: This type of online banking refers to the use of mobile devices such as smartphones and tablets to access banking services. It includes features like fund transfers, bill payments, and account monitoring. Most banks in Malaysia now offer their own mobile apps for users to access their accounts with ease.
2. Internet Banking: This type of online banking allows users to access their accounts via the internet. It typically includes features such as fund transfers, bill payments, and account monitoring. Most banks in Malaysia offer this service to their customers.
3. Electronic Funds Transfer (EFT): EFT is a popular form of payment that involves transferring funds from one account to another electronically. In Malaysia, EFT is commonly used for money transfers between banks, as well as payments to merchants and other third-party services.
4. Cardless ATM: This form of online banking allows customers to access their accounts without using a card at an ATM machine. The customer has to provide a unique PIN code
Who uses online banking in Malaysia?
Online banking has become increasingly popular in Malaysia, with an estimated 94% of the population using online banking services. According to a survey conducted by the Bank Negara Malaysia in 2020, the majority of users are between 25-34 years old (45%), followed by those aged between 35-44 years old (24%). Furthermore, it was found that the majority of users are male (62%), while the remaining 38% are female.
Conclusion
Online banking is a convenient and secure way for Malaysian citizens to access their accounts and manage their finances. There are numerous types of online banking available in Malaysia, including mobile banking, internet banking, EFT payments, and cardless ATM services. Online banking is popular among Malaysian citizens, with an estimated 94% using online banking services. The majority of users are between the ages of 25-34 and male.
In conclusion, online banking in Malaysia provides customers with a secure and convenient way to access their accounts and manage their finances. As technology continues to evolve, it is likely that more people will continue to use online banking services in Malaysia. It’s important for customers to understand the different types of online banking available, as well as the security measures they should take when using these services.