04 May 3 key trends reshaping the payment landscape in SEA
3 trends reshaping the payment landscape in Southeast Asia.
COVID-19 has accelerated digitalization of businesses, including the adoption of new payment methods. According to Techwire Asia, an independent tech news website covering enterprise and technology in Asia, this has led to 3 key trends that are gaining traction and reshaping the payment landscape, particularly for Southeast Asia.
First, national and cross-border payments, which is signalling a continued shift towards real-time payments. This is enabled by the development of mobile technology, making it more accessible and increasingly important. Real-time cross-border payments play a crucial role in supporting the economy, especially where cash access is limited.
Second, buy now pay later (BNPL) provides a tool for improving market efficiency, increasing the competitiveness of e-commerce companies and promoting financial inclusion especially for small businesses or individuals who have no access to traditional forms of credit.
Third, the strong correlation between the growth of superapps and the rise of e-commerce, with digital and mobile wallets accounting for 69% of all e-commerce payments in 2022. Merchants and their payments and technology partners need to be prepared for the road ahead and embrace the digital space as part of their initial go-to-market strategy.
Experts believe these trends create ecosystems of value where connected systems allow new insights and opportunities.
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