DUBLIN, Feb. 5, 2021 /PRNewswire/ — The “Digital Payment Adoption in the ASEAN Market – Voice of Customer, 2020” report has been added to ResearchAndMarkets.com’s offering.
The COVID-19 pandemic has profoundly impacted the lives of people around the world. Throughout 2020, local governments worked to restrict people’s movement to contain the spread of the disease. Lockdowns greatly impacted the daily operations of several vertical industries and limited access to different types of goods and services.
Moreover, as fear of the pandemic spread, people began to increasingly rely on digital channels to fulfill their needs and wants. This triggered a shift to the use of digital payments. A study (June 2020) discovered that 62% of consumers in the ASEAN region plan to increase use of online payment services after the pandemic subsides, while 60% of consumers plan to increase use of digital wallet (eWallet) services in a post-pandemic scenario.
An astonishing 87% of consumers across the region plan to start or increase the use of digital payment services to avoid physical contact with other people. Convenience will remain a key driver for digital payment usage, as expressed by 89% of consumers across the ASEAN region. Another major demand-side requirement was security – 43% of consumers in Asia-Pacific expect businesses to protect their data. The use of technologies, such as artificial intelligence and biometrics, will be a key enabler for payment service providers to balance security and convenience.
The shift to national and regional payment interoperability commenced before the start of the year (2020). Local governments across the ASEAN region had initiated the move to national interoperability by providing the relevant payment infrastructure and enforcing the required standards. Meanwhile, regional industry collaborations were initiated by the private sector, most notably by companies based in Thailand and Singapore.
The survey results revealed that interoperability is an important concept as 72% of consumers in the region are of the opinion that there are not enough merchants that accept digital payments. Interoperability will enable faster merchant acquisition processes and provide greater convenience for digital payment users.
This study is based on the data obtained from an online survey undertaken in June 2020. It is supported by extensive secondary research. Companies mentioned in this study include, but are not limited to, Bank of Ayudhya, Boost, Coins.ph, Dana Limited, DBS Bank Ltd (PayLah!), Fave, GCash, GoPay, Grab (GrabPay), Jenius, Kasikorn Bank, Krungthai Bank, Liquid Group, Maybank (QR Pay), OVO, PayMaya, Razorpay, Samsung Pay, Siam Commercial Bank, Touch N’ Go Systems, Inc., True Money, Venmo, and VIA.
The target audience includes digital payment service providers looking for growth opportunities and companies seeking to expand by leveraging payment solutions. The understanding of consumer behavior in a post-pandemic scenario will help both segments.
Countries covered include Thailand, Malaysia, Indonesia, the Philippines, and Singapore.
Key Topics Covered:
1. Strategic Imperatives
- Why is it Increasingly Difficult to Grow?
- The Strategic Imperative
- The Impact of the Top Three Strategic Imperatives on the Digital Payments Industry
- Growth Opportunities Fuel the Growth Pipeline Engine
2. Executive Summary
- Market Definitions
- Survey Objectives and Methodology
- Key Questions this Survey will Answer
- Key Findings
3. Market Overview
- Market Overview – Thailand (TH)
- Market Overview – Malaysia (MY)
- Market Overview – Indonesia (ID)
- Market Overview – The Philippines (PH)
- Market Overview – Singapore (SG)
- Market Overview – Regional Interoperability for Payments
- Market Overview – eCommerce Channels and Payment Methods
4. Digital Payment Services – Consumer Preferences
- Digital Payment Services – Consumer Preferences
- Digital Payment Services – Consumer Preferences: Discussion
5. Demand for Digital Payment Services
- Current Demand for Digital Payment Services
- Demand for Digital Payment Services in a Post-Pandemic Scenario
- Demand for Digital Payment Services in a Post-Pandemic Scenario – Discussion
- Demand Drivers for Digital Payment Services in a Post-Pandemic Scenario
- Demand Drivers for Digital Payment Services in a Post-Pandemic Scenario – Discussion
6. Respondent Demographics
- Age Groups
- Income Groups
7. Growth Opportunity Universe – Digital Payments Industry
- Growth Opportunity 1: Convenient and Secure Solutions for Mass Adoption, 2020
- Growth Opportunity 2: Payment Solutions for Social Commerce Transactions, 2020
8. The Last Word
Companies Mentioned
- and VIA.
- Bank of Ayudhya
- Boost
- Coins.ph
- Dana Limited
- DBS Bank Ltd (PayLah!)
- Fave
- GCash
- GoPay
- Grab (GrabPay)
- Jenius
- Kasikorn Bank
- Krungthai Bank
- Liquid Group
- Maybank (QR Pay)
- OVO
- PayMaya
- Razorpay
- Samsung Pay
- Siam Commercial Bank
- Touch N’ Go Systems Inc.
- True Money
- Venmo
For more information about this report visit https://www.researchandmarkets.com/r/xje8z3
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SOURCE – PRN