Powered by changing consumer and retail trends and more inclusive payment options, ecommerce spending will rise by 162% to reach USD 179.8 billion by 2025 across the region, with digital payments accounting for 91% of transactions.
The IDC InfoBrief, ‘How Southeast Asia Buys and Pays: Driving New Business Value for Merchants’, unravels the complexities of the fragmented Southeast Asia payments ecosystem to help businesses make more informed decisions and grasp opportunities. It tracks emerging trends such as mobile wallets, domestic payments, and Buy Now, Pay Later (BNPL) alongside traditional options like cards and cash. The report estimates the changing market share of payment options between 2019 and 2025 across six markets to help businesses strategise scaling across borders.
The report shows that the ecommerce market will become far more accessible with 188.6 million new ecommerce users in 2025. The largest markets for ecommerce payments are forecast to be Indonesia, Vietnam, and Thailand.
It also explores the idea that local payment options like mobile wallets are preferred for ease and convenience across Southeast Asia. From 2020 to 2025, mobile wallets and BNPL in the region are expected to grow 30% and 58%, respectively. Indonesia, alone, is predicted to welcome over 100 million new mobile wallet users by 2025.
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