Malaysian Finance Minister Lim Guan Eng addresses the WeChat Pay technology exhibition in Kuala Lumpur, Malaysia, March 26, 2019. (Photo/Xinhua)
Digital payment platforms such as WeChat Pay of China's tech giant Tencent will help prepare Malaysia for the digitization and cashless payment society, Malaysian Finance Minister Lim Guan Eng said Tuesday.
In his keynote speech to officiate the WeChat Pay technology exhibition, Lim said despite most Malaysians currently using cash in transactions, this was expected to change rapidly.
"Malaysians are used to cash but it can be burdensome to carry around in large quantity. Consumers now are seeking quicker, safer and more convenient methods to pay for their purchases," he said, adding that a recent survey found 67 percent of Malaysians had used cashless payments.
"But in the longer term, Malaysia is preparing its economy for Industry 4.0. I believe tech companies like WeChat can help digitalize payments in Malaysia and create an environment conducive for big data analytics and other technologies relevant to Industry 4.0," he said.
"Enablers like WeChat foster fertile ground for further innovation to take place," he added.
According to Lim, local vendors in Malaysia are already at ease with e-wallets because the benefits are clear. E-wallets increase payment speed while reducing capital expenditure for payment infrastructure.
"I have been informed that this is one of the reasons why there are more than 3,500 merchants in Malaysia now accepting WeChat Pay for mobile top-ups, flight tickets, movies and many more," he said.