Ipsos survey shows Malaysian trust in e-commerce and mobile wallets up, but down for Malaysian media, EPF in 2023

KUALA LUMPUR, Jan 24 — The adoption and usage of e-commerce and mobile wallet industries among Malaysians have seen a notable increase in 2023 compared to the years before, according to the latest survey findings released by Ipsos Malaysia.

This shows growing confidence in the digital economic industry, the local chapter of global market researcher Ipsos said of the findings in its “Ipsos Trust Track 2023” released today,

E-commerce adoption increased from 23 per cent in 2022 to 51 per cent last year while mobile wallet usage went up from 30 per cent to 46 per cent in 2023 from a sample of 13 e-wallet companies.

“It is noteworthy that there is growing confidence in the digital economy, but the media industry faced potential challenges with eroding trust in 2023,” Wan Nuradiah and Atticus Poon said in a joint statement accompanying the survey findings.

Wan Nuradiah is Ipsos Malaysia’s country service line leader for public affairs while Poon is its research manager.

Ipsos Malaysia said the local media industry took a tumble in 2023 compared to the year before – based on a survey of nine media companies, the trust percentages dropped to 48 per cent last year compared to 57 per cent in 2022.

It noted that after two years of economic recovery since the Covid-19 pandemic started, the trust Malaysians have in companies and institutions remained unwavering.

“This steadfast trust reflects the organisations' ability to maintain strong relationships with their customers, even in the face of diverse challenges,” Wan Nuradiah and Poon said in the statement.

They noted that trust in regulatory bodies and government-linked companies remained strong.

But the industry that garnered the most trust last year was the oil and gas sector, closely followed by the airline, automotive, and utility industries, based on its survey of over 100 brands.

Energy producer Tenaga Nasional Berhad emerged as the most trusted entity, followed closely by railway company Keretapi Tanah Melayu Berhad and oil-and-gas firm Shell.

Perhaps the biggest surprise was seeing the Employees Provident Fund, which was ranked most trusted company in 2021 and 2022, slipped to fourth place.

“These trends highlight the dynamic nature of trust and the importance of consistently building and maintaining trust among consumers,” Wan Nuradiah said.

Overall, the survey showed that Malaysians’ trust towards corporations and institutions remain steady at 56 per cent compared to 46 per cent in 2019 at the beginning of the Covid-19 pandemic.

The survey was conducted between April and October 2023.