A recent broadband survey in Malaysia revealed that a number of Malaysians are still paying about RM200 a month for a 30Mbps broadband plan.
According to the iMoney 2019 Broadband Survey, despite the reduction in broadband prices by over 30% and the tenfold increase in the speed of the packages offered (following the Mandatory Standard on Access Pricing (MSAP) implemented by the Malaysian Communications and Multimedia Commission (MCMC) which came into effect in June 2018), one in six Malaysians are still paying more than what they should be paying, for their broadband package.
iMoney is an online marketplace for consumer financial and utility products, with operations in Malaysia, Philippines, Indonesia and Singapore, serving over 20 million users annually.
Currently, a 100Mbps broadband package costs between RM99 and RM129 per month in the Klang Valley while a 30Mbps costs RM89 per month. Yet, the survey revealed that 17% of respondents are paying approximately RM200 per month for only 30Mbps, which is about 125% more in cost. All major fibre broadband providers in Malaysia no longer charge more than RM100 for a 30Mbps plan, which means these respondents are likely still on their legacy plans, and not yet been upgraded by their providers, it said.
According to the survey, despite being increasingly satisfied with the speed and stability of their broadband packages, 67% of respondents felt that broadband rates can be even more affordable. iMoney said that this could possibly indicate that Malaysians might be overpaying because of a general lack of awareness of the latest broadband rates.
Additionally, 82% of the respondents shared that they would switch their current package for one that offers more value for money. However, Malaysians may miss out on the best available broadband packages when they fail to review their broadband contract and compare it to the rates offered in the market, iMoney said.
With home broadband pricing and speed becoming increasingly competitive, it is the best time for Malaysians to continuously review their broadband plans to find one that fits their needs and offers the best value. Based on iMoney’s data, people who took advantage of the pricing changes in the last quarter of 2018, ended up saving an average of 28% on their monthly broadband bills, particularly for the popular 30Mbps and 100Mbps broadband packages.
Out of those who expressed interest in signing up for a broadband package via iMoney in the last quarter of 2018, 32% of them were unable to do so due to the lack of coverage in their location. Despite having the necessary coverage, more than half (53%) of the applicants were not able to access the broadband package of their choice due to technical issues such as insufficient port allocations.
This iMoney 2019 Broadband Survey was conducted through the iMoney website between May 15, 2019 and June 5, 2019 with a sample of more than 1,000 Malaysians. Individuals ranging from students and majority working adults participated in the survey.