Indonesia is among the top drivers of e-money growth in Southeast Asia alongside neighboring Malaysia, Singapore, the Philippines and Thailand, according to an inaugural report commissioned by Standard and Poor’s (S&P) Global Market Intelligence.
The 2019 Southeast Asia E-Money Market report finds that the number of e-money transactions in the region increased by more than 31 percent in 2018, with Indonesia and the Philippines showing the greatest growth potential for non-bank e-wallets.
E-money dethrones debit and credit cards as the reigning payment method in Southeast Asia, with more than 10 billion aggregate transactions in 2018, the report shows. Of the more than 10 billion e-money transactions in Southeast Asia last year, 34 percent occurred in Singapore – making it the largest hub of cashless transactions in the region.
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19 November 2019