From Cash to QR Codes: Unpacking Southeast Asia’s Diverse Consumer Payments Culture
This report from Thunes and Kapronasia examines the payment culture in SEA to understand what, how and why it’s changing. It explores:
- The evolving consumer landscape including the growth of digital wallets, new government initiatives, central bank policies, emergent payment methods such as QR codes and Buy-Now-Pay-Later and the role of micro-merchants.
- SEA payment culture and how:
- Cash retains a vital role in Point-of-Sale payments.
- eCommerce continues to drive digital wallet adoption.
- Two or three digital wallet players vie for local market dominance amid low consumer loyalty.
- Digital wallets offer micro-financial services to increase their utilisation.
- Consumers in rural and urban areas adopt cashless payments for different reasons.