Southeast Asia is shifting toward digital payments and other innovations in digital services, thanks to an acceleration in digital transformation during the pandemic, accounting and consulting firm PwC reports.
Widespread mobile ownership, together with rapid digitalization after the pandemic, has helped spur the expansion of digital financial services in Southeast Asia, PwC reports.
Some examples include Thailand’s PromptPay, which enables bank account users to receive and send payments via national IDs, mobile numbers, or email addresses. In the Philippines, the government distributed COVID-19 financial aid via digital platforms, while Singapore encourages and incentivizes hawkers to adopt contactless QR code payment services.
Southeast Asia’s digital economy will reach 1 trillion US dollars by 2030, including over 460 million digital consumers, young and tech-savvy with rising internet penetration.
Digital payments using e-wallets in Southeast Asia amounted to $22 billion in 2019 and are predicted to grow more than fivefold and exceed 114 billion US dollars by 2025.
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