Illustrative photo (Source:Internet)

Kuala Lumpur (VNA) – Mobile commerce (m-commerce) in Malaysia is growing at breakneck pace, according to the country's leading online payment provider iPay88.

The provider said its online payment transactions account for almost 70 percent of the Malaysian market and reported that 3.7 million online shoppers making purchases through its systems in 2015 used mobile devices, an increase of 85 percent from 2014.

iPay88 executive director Chan Kok Long said that 47 percent of Malaysians use smart phones to shop online .

The proportion of Malaysian mobile traffic through iPay88 was 27 percent two years ago but will likely break the 50 percent barrier this year as it stood at 48.6 percent in the first quarter.

The country now ranks among the top three fastest-growing emerging markets for mobile shopping in the region, alongside India and Singapore.

Cheap smart phones, laptops and tablets have made the internet more accessible, boosting e-commerce development.

Mobile commerce is also being driven by other factors, including the advent of businesses like Uber and GrabCar.-VNA