The digitalisation of payments in South-East Asia

Molly Shea

Journal of Digital Banking, 2019, vol. 4, issue 1, 76-84

Abstract: This paper explores the current payments landscape in South-East Asia, major trends in the region’s burgeoning e-commerce and Internet economy, digital inclusion paving the way for full financial inclusion, and discusses how financial institutions can do more for their digital consumers. It highlights how the growth in mobile ownership and Internet penetration has led to rising competition between financial institutions, non-banks and FinTechs to maintain their competitive edge. The paper also explores the non-homogeneous developments across both mature and emerging economies and underscores the various drivers behind the acceptance of mobile and digital payments. The promising levels of digital inclusion could be a major game changer in fighting for financial inclusion and reaching out to the unbanked and underbanked masses of in South-East Asia. It stresses that digitalisation of payments is a necessary disruption, but financial institutions need to continue to keep customers’ needs at the centre of this digital revolution.

Keywords: mobile payments; South-East Asia; digital economy; financial inclusion (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jdb000:y:2019:v:4:i:1:p:76-84

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