Electronic payment in Southeast Asian
You must have heard that Beijing's roadside booths can use WeChat and Alipay; don't lose your phone when you lose your wallet in China. However, in most parts of Asia, whether it is affluent Singapore or emerging markets Indonesia, this is not the case.
According to a recent report from Payments Innovation Asia, we have reviewed the top electronic payment solutions for Asia's top ten economies. According to the report, Hong Kong people generally use the contactless smart card "Octopus" for offline sales supported by merchants’ POS device, including taking the subway and purchasing convenience store products. The company that issued the card revealed that the sales of Octopus had exceeded 35 million, covering 99% of Hong Kong people. In addition, the company also introduced mobile use to support electronic payment and transfer functions.
The O2O giant Grab, which started in Southeast Asia, is stepping up efforts to increase the usage rate of its e-wallet GrabPay. GrabPay can be used to pay for taxi fares and food, as well as transfer between users. The report summarizes the current status of electronic payment malls in several Southeast Asian countries. The following are the key points:
Singapore is moving towards a cashless payment. Although companies already offer electronic or mobile payment services by mobile payment POS, most people are still more inclined to use contactless cards. One of the most common payment methods is Nets. This is a Singapore company established in 1985 and has now settled in more than 100,000 businesses nationwide. Nets' main business is card payment, but recently it has begun to integrate QR payment supported by QR payment POS. Together, mobile wallet services such as PayNow and Dash have also shown great momentum. Through these services, customers can use their smartphones to make payments and send money.
In Malaysia, cash is still the primary payment method. But with Grab, Razer, WeChat and other "mobile-first" payment companies entering local stores, the change is happening quietly. In some Malaysian cities, there are many choices for customers. For example, although WeChat is primarily aimed at mainland Chinese users, the company is also recruiting local Malaysian users through red envelopes.
In Indonesia, Grab and Go-Jek have launched related services, and e-wallets are still new in the local area. Most customers use the bank transfer or cash on delivery method to purchase products and services online. Insufficient infrastructure and slow Internet speed are the primary reasons why people are reluctant to pay online, but this situation is changing. Under the circumstance that the city's smartphone penetration rate and the e-commerce mall are booming (expected to exceed 10 billion US dollars in 2019), the use of mobile for convenience as a selling point is expected to make Indonesia transition to a cashless society.
In April 2018, the Central Bank of the Philippines, Bangko Sentral ng Pilipinas (BSP) launched the electronic transfer service InstaPay, becoming the latest player in the country's electronic payment category. The goal of the BSP is to reach 20% of digital sales by 2020. Filipino customers are positive about cashless trading. In a survey conducted by PayPal, 33% of respondents indicated that they are already using products other than cash to purchase products and services. In addition, according to a report from Visa last year, 57% of the interview targets were more willing to choose electronic payments than cash, up from 46% in 2015.
Vietnamese payment companies are gradually turning their attention to the mobile side. The application of QR code technology is one of the ways they accomplish this turn. In June of this year, VNPay and UnionPay International signed a cooperation agreement. Since then, UnionPay cardholders in Vietnam can purchase movie tickets and air tickets online through the QR code function.
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