PayPal plans further expansion in Southeast Asia

Monday 5 March 2018 13:44 CET | News

PayPal has been taking into consideration the prospect to expand in the Southeast Asian market as more self-employed workers prefer digital platforms for money transfers.

Citing data from the “Global Freelancer Survey,” PayPal said its platform was widely used by freelancers in Singapore (76%), Indonesia (88%), and the Philippines (92%).

The study noted that while domestic clients opt for bank transfers, an average of 76% of payments from international clients was made via PayPal.

PayPal considers that this boom in the region’s online payments market could be attributed to its “divisions in geography as well as within [its]financial services landscape.”

In 2017, the Philippine was the “fastest growing market” in Southeast Asia and the second largest market in the region given its “large proportion of freelancers in the world.”

Based on data from the Department of Information and Communications Technology, the country now has around 1.5 million freelancers.

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Keywords: PayPal, online payments, Southeast Asia, money transfers, e-payments, digital platforms
Categories: Payments & Commerce
Countries: World
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