According to a recent Visa report, 43 percent of southeast Asian respondents believe the region will become completely cashless within the next seven years. According to the report, the impact of the increase in cashless ratio can be summed up in four factors: the increase in online shopping, the increase in on-demand services, the spread of mobile Internet and the popularity of electronic wallets.
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More than 60% of Southeast Asian respondents had online purchases every month, according to survey data.
More than 83% of those surveyed in three markets, Vietnam, Indonesia and Thailand, bought online every month. Visa reports that southeast Asia’s Internet economy is largely driven by the booming e-commerce market, which is expected to grow to $200 billion by 2025.
In Singapore, 78% of respondents shop online at least once a month, with a secure payment system (59%), easy comparison of product prices (57%) and ease of payment (51%) being the main factors affecting online shopping among Singapore consumers. Singapore needs only less than 61% of the Philippines to pay for security. In addition, only 50% of respondents in Singapore said they knew about QR code payments. Singapore, by contrast, has a higher card penetration rate, which could make it harder to change Singaporeans ‘ payment habits, such as digital payment methods for mobile wallets.
Seventy per cent of south-east Asian respondents have mobile banking at least once a week and 75% have dedicated banking apps on their phones. In contrast, 70% of the respondents in Singapore use mobile banking every week, compared with 12% of the respondents who go into banking every week.
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