Southeast Asia’s Cashless Revolution:
New Era of Financial Technology
Southeast Asia and the Asia Pacific region are leading the charge in a new era of digital payments and financial technology.
The annual Visa Consumer Payment Attitudes study shows that consumers in these regions fully embrace digital lifestyles, with a growing preference for cashless payment options.
This shift towards digital payments is changing how consumers transact, businesses operate, and companies must keep up with these trends to stay competitive.
Cashless Payments
The study reveals that 77% of Southeast Asian consumers plan to use cashless payments more often, with nearly three in four supporting their government’s plans to develop a cashless society. Businesses that don’t accept cashless payments risk missing out on potential sales, as 68% of consumers prefer shopping at stores that carry these payment methods.
77% of Southeast Asian consumers plan to use cashless payments more often
COVID-19
The COVID-19 pandemic has only accelerated this trend, with nearly 70% of Southeast Asian consumers believing their country is becoming a cashless society. This shift towards digital payments has been driven by the growing use of mobile wallets, contactless cards, and QR code payments, leading to increased e-commerce and new shopping channels.
70% of Southeast Asian consumers believe their country is becoming a cashless society
Digital Banks
Digital banks are also poised for growth in Southeast Asia, with high consumer awareness and interest levels. The study shows that 70% of consumers are aware of digital banks, with Indonesia leading the way at 85%, followed by Thailand (81%) and the Philippines (80%). Despite this, many consumers still prefer to hold their main banking accounts with traditional banks, with 60% choosing this option.
However, Southeast Asian consumers are also interested in having a fully-digitalized process for standard banking procedures, such as account opening and loan approvals (72%), contactless kiosks for transactions (70%), live interactions with bank employees online via an app (69%), blockchain-based technology for data transparency (68%), and AI banking assistants at flagship bank branches (62%). This shows the growing demand for digital banking solutions that offer convenience, speed, and efficiency.
Southeast Asian consumers are interested in having a fully-digitalized process for standard banking procedures.
Cryptocurrency
Cryptocurrency is also gaining popularity in Southeast Asia, with 92% of consumers aware of it. Although only 22% have invested in it, 54% of those who haven’t are interested in doing so in the future, particularly in the Philippines, Thailand, and Vietnam. The convenience of using cryptocurrencies and the potential rewards and incentives associated with them are the main draw for consumers.
Crypto: 54% of those who haven’t are interested in doing so in the future
The future of DeFi Payment Technology
P1X offers innovative payment solutions for businesses and consumers in the cashless revolution. As an incubator and ecosystem accelerator of the Metis Foundation in the Asia Pacific region, P1X has access to the latest technology and resources necessary to deliver exceptional payment experiences.
Through our strategic partnerships and as an Econode of Metis,, the premier smart Layer 2 solution for building on the Ethereum public blockchains, P1X is positioned to play a significant role in helping shape the future of payments and financial technology in Southeast Asia and the Asia Pacific.
We are committed to supporting the growth and success of businesses in the region by providing secure, efficient, and innovative payment solutions.
As a Metis Econode, P1X has all the tools and resources necessary to deliver exceptional payment experiences that support the growth and success of businesses in the region. Through leveraged cutting-edge technology and strategic partnerships, P1X stands with you at the forefront of the cashless revolution, making state-of-the-art payment solutions accessible to all.
Join the P1X Discord and Twitter community and discover how P1X and Metis can support the growth and success of your business in the Asia Pacific region.
We embrace the future of payments and financial technology with you.
