SE Asia digital payments hit $620b during pandemic: Google-Temasek report (Deal Street Asia)
Digital payments in Southeast Asia hit $620 billion so far this year, from $600 billion last year, as the region registered 40 million first-time online users during the coronavirus pandemic bringing the total number of users to 400 million, according to the latest report launched by Google, Singapore's state investment firm Temasek, and Bain & Co.
Overall, the region's burgeoning internet economy continues to grow at an unprecedented pace, surpassing $100 billion this year and is on track to cross $300 billion by 2025.
The COVID-19 pandemic has also led to big shifts across the region, with the report revealing that the total number of Internet users in Southeast Asia has grown to 400 million after some 40 million people came online for the first time this year.
The report also noted that more than one in three started using a new online service due to COVID-19. A large number of new digital consumers are from non-metropolitan areas, specifically in Malaysia, Indonesia, and the Philippines.
Source: Deal Street Asia/Google, Temasek, and Bain & Co. report
"COVID-19 has changed people's daily lives in fundamental ways. The digital adoption that was projected to happen over several years has accelerated," said Stephanie Davis, vice president, Google Southeast Asia.
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