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ASEAN For Business - Unlocking Responsible Digital Payments for Micro-Merchants


ASEAN is at the forefront of digitally transforming its financial services. Eight out of ten ASEAN Member States (AMS) have established and adopted low-cost national Quick Response (QR) payment channels, and consumers in ASEAN are rapidly embracing digital financial services, including digital payments.


In 2023, digital payments accounted for 50 percent of the total transaction value in six AMS, as reported in the e-Conomy SEA Report by Google, Bain, and Temasek. Across ASEAN, 80 percent of financially included adults made or received digital payments in 2021. The value of gross digital payment across the six largest ASEAN economies reached USD 806 billion in 2022, marking a 14 percent year-on-year increase and is estimated to rise to close to USD 1.2 trillion by 2025.


Additionally, account ownership or access to mobile money is also now higher than 60 percent in seven out of nine countries covered by World Bank Findex. The number of consumers holding a bank account or mobile money account has grown from 3 percent to 60 percent in Cambodia, from 9 percent to 62 percent in the Lao PDR, and from 12 percent to 62 percent in Indonesia by 2022.


Furthermore, five AMS are amongst the top 10 countries in the world in terms of digital wallet penetration. Recognising the rapid growth of digital payment across AMS, the ASEAN Finance Ministers and Central Bank Governors’ Meeting (AFMGM) pursued the establishment of an interoperable cross-border digital payment in the region, aiming to facilitate trade and unlock the potential of cross-border e-commerce and the digital economy in ASEAN.



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ASEAN for Business Bulletin - April 2024
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