,Indonesia

Majority in Indonesia, Philippines and Vietnam to transact digitally by 2021

Faster funds transfer can add up to 0.5% in GDP growth for SEA.

About 80% of the population in the Philippines, Vietnam and Indonesia will have made at least one digital payment transaction by 2021, with the share of active users making five or more e-payments per week exceeding 50%, according to a Robocash study.

At the same time, the volume of unsecured consumer loans issued online will reach 50% in the Philippines, 60% in Indonesia, and 70% in Vietnam.

Habits formed around the pandemic and physical distancing will accelerate the growth of digital lending and payments, Robocash said, as the speeding up of funds transfer can add up to 0.5% in GDP growth for Southeast Asian countries in 2022 to 2025.

Last year, the majority of company customers in these countries made e-payment transactions but the frequency was low, as only 13% in the Philippines, 16% in Indonesia and 23% and Vietnam made five or more transactions per week. On the other hand, more people in these countries (62% in Vietnam, 46% in Indonesia, and 37% in the Philippines) took their first remote loans last year.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Google Pay users can get up to a 20% cashback when they pay through SGQR.
It is exiting the retail banking business to refocus on corporate transactions.
NPL ratio is expected to rise to its highest since the 2009 financial crisis.
The latest licensed banks in Thailand have loan market share below 0.5%. 
The capital injection was approved by the State Bank of Vietnam.
RetireSavvy allows Singaporeans to adjust their retirement plans.
Its net promoter score rose 35% in 2021 from end-2020.
Chuchkina has 15 years of experience in the fintech industry.
Green projects have the potential to create over 1,350 jobs in the country.
Rapheal Mun will relocate from Singapore to London for her new role.
The new COVID surge that began in April may hinder GDP recovery.
Banking leaders admit that they are at risk of ceasing to exist in 5-10 years.