As reported in the E-conomy SEA Report 2020, released in 2021, the E-commerce industry in Southeast Asia has risen to a worth of 100 billion US and is estimated to rise by three times by 2025.
- The report also revealed that 20-30% of Indonesian consumers prefer online payment methods. In addition to half of their Malayasian Consumers also preferring online payment methods, while Philippino Customers are keen on cash.
- In Malaysia, nearly half of the online purchasers prefer using bank transfers for online shopping, followed by cards (32%), and cash (11%).
- Singapore However leads the way in Southeast Asia with an increase in online payments. With 40% of Singaporeans doing more online shopping and 76% more who are planning to primarily shop online. In addition to most payments being through online transactions. Vietnam, though not with the same statistics as Singapore, is rapidly growing in its E-commerce Sector.
- Vietnam has experienced a sector growth of 1.8%, making it one of the only Southeast Asian countries in the study to experience positive growth. The growth of E-commerce also comes with an increase in online payments. Popular payment Methods in Vietnam include VTC Pay (Supports bank transfer, e-wallet, and credit cards), MoMo (e-wallet), and Zalo Pay (Mobile wallet on the messaging app).