KUALA LUMPUR: Online payment provider iPay88 Holding Sdn Bhd recorded a total of 52.45 million payment transactions worth RM7 billion in 2018.
This was an increase of 68% over the 28.7 million transactions worth RM4.88 billion in 2017.
iPay88 executive director Chan Kok Long said mobile phones had been a key catalyst for the exponential growth of e- commerce over the last few years.
Businesses should look into enhancing their mobile experience and application performance, he said.
Chan said that online banking transactions superseded credit card transactions in the fourth quarter of 2018.
There were 13.8 million transactions through online banking in the quarter compared to 3.5 million transactions through credit card.
“Bank Negara’s move to bring down the cost of online banking transactions in the last few years has made online banking the preferred payment method for consumers,” he said at his company’s 2018 E-Commerce Data Insight presentation here today.
Supplements and healthcare products showed the highest growth sales in 2018, recording a 336% increase compared to 2017.
The food and beverage segment also showed strong growth with a 75% increase in 2018 against 2017.
Chan predicted that the online retail segment would continue to display strong growth in 2019 with mobile phones being the preferred device of use.
He said that online shops such as Shopee would continue to drive the growth.
iPay88 is the payment gateway provider for Shopee.
On the performance of iPay88 over the last three years, Chan said it recorded 193,000 transactions via mobile phones in January 2015.
By December last year, mobile transactions had amounted to 5.1 million transactions, he said.