The past year has been one of transition. Economies have been building on momentum created by the acceleration of digital payments usage during the pandemic, as consumers and businesses are pulled into an increasingly hyper-digitalised world. With more ways to pay, and more places for commerce to happen, the digital economy in Southeast Asia is projected to hit USD1 trillion by 2030.
The annual Visa Consumer Payment Attitudes study provides key consumer insights based on the latest trends in payments, changing moments of commerce, and smarter consumer journeys powered by technology and innovation.
In Southeast Asia, payments and commerce are being defined by convenient and intuitive experiences that Technology will continue to blend payments and commerce into all aspects of our lives blend across all aspects of life. Preference for cashless payments continues to grow, and nearly four in five (77%) Southeast Asian consumers plan to use cashless payments more often.
This is driven by the widespread use of mobile wallets (52%) and contactless card payments (44%), as well as rising interest in the use of new methods such as Buy Now Pay Later (BNPL) solutions (63%).
With eCommerce and omni-channel retail becoming more prevalent, consumers expect shopping touchpoints to be embedded in their everyday lives.
This has led to the rise of social media and livestream shopping as our world gradually becomes a marketplace. As shopping channels and consumer purchases evolve to become increasingly digital — from downloadable shoes and non-fungible tokens (NFTs) to digital-only goods in the metaverse — businesses need to keep pace and adapt.
Now more than ever is the time for businesses to re-examine operations and processes to go fully digital. As the trusted engine of commerce, Visa wants to use the diverse capabilities of our network to enable individuals, businesses and economies to thrive.
Visa hopes to continue to build and redefine the future of payments, making innovative payment experiences accessible to all, powering lifestyles and businesses around the world.
