Integrating Digital Payments in ASEAN: Harmonising Regulations and Strengthening Security for Inclusive Growth

Mahirah Mahusin and Hilmy Prilliadi
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Mahirah Mahusin: Economic Research Institute for ASEAN and East Asia (ERIA)

No PB-2024-13, Working Papers from Economic Research Institute for ASEAN and East Asia (ERIA)

Abstract: The growth of digital payment use in ASEAN has been significant, with digital payments accounting for over 50% of transactions and projected to reach US$416.60 billion by 2028. This expansion supports financial inclusion, enhances e-commerce, and bolsters micro, small, and medium-sized enterprises. However, challenges – such as interoperability, regulatory fragmentation, and data security – persist. ASEAN’s initiatives, including the Declaration on Advancing Regional Payment Connectivity and Promoting Local Currency Transaction, aim to address these issues. This policy brief emphasises the need for harmonised regulations, enhanced cross-sectoral collaboration, and robust security measures to ensure the seamless integration and sustainable growth of digital payments in the region. Latest Articles

Pages: 4 pages.
Date: 2025-01-30
New Economics Papers: this item is included in nep-int, nep-pay and nep-sea
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