Its 24 ppt growth rate toppled its Southeast Asian neighbours.
Vietnam led the growth in mobile payments as percentage of users increased 61% in 2019 from 37% in 2018, according to the Consumer Insights Survey by PwC. The 24 ppt rise made the country the global leader in terms of mobile payments growth, beating its Southeast Asian neighbours in mobile payments growth.
The Middle East landed the second spot in the fastest growing in mobile payments adoption globally after Vietnam with a 20 ppt increase to 45%. Meanwhile, Singapore’s mobile payments climbed 12 ppt from 34% in 2018 to 46% in 2019, signifying the payoff for the government’s efforts to boost digital payments in late 2017 paired with the drive from other mobile payments players, the study noted.
In the rest of Southeast Asia, e-payments usage continued to rise with Thailand up 19 ppt to 67%, Malaysia up 17 ppt to 40%, and the Philippines up 14 ppt to 45%, respectively. Indonesia reflected the slowest increase in the usage of mobile payments at just 9 percentage points to 47% whilst China remained unchanged at 86%, according to PwC.
“Asia remains the powerhouse in leading the customer shift to mobile payments with the report reflecting eight Asian nations in the top 10, and six are in Southeast Asia, as the results show. Vietnam, with its relatively low penetration in 2018, has registered the highest growth as mobile platforms demonstrate a significant increase in convenience over traditional means of commerce,” Shirish Jain, payments director at consulting firm Strategy&, said.
Do you know more about this story? Contact us anonymously through this link.