- iPay88 recorded a total of 52.45 million successful payment transactions in 2018
- Supplements and Healthcare products showed the highest growth in sales in 2018
IPAY88 Holding Sdn Bhd (formerly iPay88 Sdn Bhd), an NTT Data company and a Malaysian-based provider of online and retail payment solutions, shares insights into Malaysians e-commerce transactions via their online payment gateway system.
As a key player in the online payment sector in Malaysia, the annual findings provide a much needed glimpse into the e-commerce sector in Malaysia.
Transactions and sales volume
In 2018, iPay88 recorded a total of 52.45 million successful payment transactions as compared to 28.7 million in 2017, nearly doubling in transactions.
December once again recorded the highest number of transactions with 6.9 million transactions.
These transactions amounted to a total sale of RM7 billion, a 68% increase as compared to 2017.
Mobile transaction growth
Mobile transactions continue to show tremendous growth, leaving behind desktop transactions. Throughout 2018, desktop transactions remained about the same, recording an average of 2.5 million per quarter.
iPay88 executive director Chan Kok Long (pic) said, “In January 2015, we recorded 193,000 transactions via mobile phones. By December 2018, mobile transactions amounted to 5.1 million transactions.
“Mobile phones have been a key catalyst for the exponential growth of e-commerce over the last few years and businesses should look into enhancing their mobile experience and application performance.”
“Mobile e-commerce began overtaking desktop e-commerce in the second quarter of 2016. In total, 40.8 million transactions were successfully performed over mobile devices in 2018. This further shows that smartphones were the preferred device amongst Malaysians as the device to access the internet,” Chan explains.
“Further to that our numbers show that Android nearly double the number of mobile users and should be a key focus of application developers. It is essential that businesses take heed of these numbers and ensure they have a secure and easy access mobile experience for their customers or they risk losing business opportunities to their more mobile savvy competitors,” he cautions.
Online banking supersedes credit card
Online banking tripled against credit card transactions on the fourth quarter of 2018, attributing to 13.8 million transactions as compared to 3.5 million transactions for the latter.
“Bank Negara’s move to bring down the cost of online banking transactions in the last few years has definitely made online banking the preferred payment method for consumers. FPX is fast becoming a preferred mode of payment for consumers,” he shares.
“Interestingly credit card purchases in the fourth quarter of 2018 doubled as compared to the same period in 2017 from 1.8 million transactions to 3.5 million in 2018. While online banking remains the preferred choice, there has been a significant growth in credit card purchases in 2018,” Chan explains.