Recently, an article published by Bloomberg News called Google and Walmart Push India ’s Billionaires Out of Mobile Payments has become a hot search. What shocked us is that the population of 1.4 billion is still wedded to cash, which accounts for about 70% of transactions by value. Because we live in an electronic information age. The government is trying to get more people into the formal financial system since 2014. According to data, more than 80% of Indians had bank accounts in 2017. But the report found that nearly half of the accounts were idle.
In fact, not only in India but in the payment status of Southeast Asian countries, cash accounts for a large proportion. In this article, I will use some professional data to guide you to know the different payment methods in Southeast Asia.
- Thailand
Indonesia
The Philippines
This shows that cash payments still occupies a large position. However, with the continuous development of electronic payment, various electronic payments have tried to invade Southeast Asia, but the results are not very satisfactory. The electronic payment methods of different markets in Southeast Asian countries are various. For example, in Singapore, electronic payment is in full bloom, but it lacks integration power. Popular e-payments in Singapore include Alipay, WeChat, Nets, Razer, Grab, Liquid Pay, DBS PayLah and other competitors.
So, in the next few years, which electronic payment method do you think will dominate the Southeast Asian market?