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The Digital Consumers' Landscape & Shopping Behavior in Southeast Asia
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The Digital Consumers' Landscape & Shopping Behavior in Southeast Asia

The number of digital consumers in Southeast Asia has reached a staggering 200 million, representing a US$50 billion digital economy. This colossal growth presents an opportunity for a new form of consumerism, one where the consumer experience is of utmost importance.

Visa payment innovations to date | Visa
Visa payment innovations to date | Visa

Visa’s latest report titled ‘Rise Of The Digitally Engaged Consumer' serves as a guide to the evolving payment needs of consumers in the new digital economy in Southeast Asia.

They conducted the annual Visa Consumer Payment Attitudes Survey to understand the behaviours of digital consumers and to identify areas where we can drive greater adoption of electronic payments.

The latest survey was conducted amongst 4,000 consumers in Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam in July 2017.

Within the report, herewith are extractions that well-explained the evolving digital world happening in the region.

Look at how the industry has emerged!

SOUTHEAST ASIANS CAN REALLY GO CASHLESS!

Close to seven in 10 (68 per cent) of consumers in Southeast Asia are confident of going completely cashless for a full day, and close to half (45 per cent) said they can go cashless for three days. This is a testament to the effectiveness of a robust payment infrastructure that supports each country’s vision to become a digital nation.

Source: FOMO Pay
Source: FOMO Pay

Herewith is the full rankings of two categories listed in the report:

Category 1: Consumers in Southeast Asia Who ‘Go Can Go Cashless for 24 hours’

COUNTRY PERCENTAGE (%)
Indonesia 76
Philippines  69
Singapore 68
Vietnam 66
Thailand  63
Malaysia  61
Myanmar 45
   

Category 2: Consumers in Southeast Asia Who ‘Go Can Go Cashless for 3 Days’

COUNTRY PERCENTAGE (%)
Vietnam 57
Philippines  51
Indonesia  47
Singapore 42
Malaysia  42
Myanmar 38
Thailand  37
   

THE REGION’S SHOPPING BEHAVIOR

As consumers become more digitally savvy, they want to be able to shop, browse and purchase goods and services at any time of the day. Hence, for many consumers across the region, such “on-the-go” attitudes are already ingrained in their minds as they go through their daily lives.

Source: Retail News Asia
Source: Retail News Asia

On average, consumers in Southeast Asia spend approximately six hours on their smartphones and almost three hours on social media in a single day.

Here’s the percentage of respondents who shopped on mobile at least once a month, AT LEAST, is the keyword:

COUNTRY PERCENTAGE (%)
Thailand 87
Indonesia  81
Vietnam  74
Malaysia 73
Singapore 71
Philippines 69
   

SOUTHEAST ASIAN COUNTRIES WITH HIGHEST USAGE OF DEVICE-INITIATED PAYMENTS

The introduction of various payment solutions such as Visa contactless payments, Visa Checkout and Visa Token Service has transformed the way consumers conduct their daily lives – from shopping to booking a taxi to ordering and paying for food in a variety of restaurants.

Source: Optus
Source: Optus

On this particular area, Seasia personally opined that the ranking of countries in the region somehow reflects the e-commerce sector emerged in respective countries. Look here, the percentage usage of device-initiated payments:

COUNTRY PERCENTAGE (%)
Vietnam  91
Indonesia 85
Philippines 69
Malaysia 68
Singapore 67
Myanmar 2
   


SCAN TO PAY

The new world of commerce has involved Quick Response (QR) codes being used for a broad range of payment activities such as payment at a merchant in a coffee shop, receiving a disbursement or even paying on public transportation.

Source: CGTN
Source: CGTN

Visa’s QR-based payment service allows consumers to transfer funds from their designated account to the retailer or merchant’s account reliably and securely, by scanning a QR code.

But how aware you are on the QR payment services? Are you the regular users of using such form of payments?

Here’s another interesting fact for you:

COUNTRY PERCENTAGE (%)
Thailand 74
Vietnam  65
Indonesia 57
Malaysia 52
Singapore  50
Philippines 48
Myanmar 11

Source : Visa Singapore Official Report

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