Tap, pay, spend: How digital payments are surging in Southeast Asia & India
By Gloria Methri
Consumer spending in Southeast Asia and India is poised for a massive 122% increase over the next decade, outpacing other emerging markets such as Latin America (57%) and Africa (103%), according to new data from the World Data Lab (WDL).
This remarkable growth, featured in EBANX’s latest Beyond Borders report, underscores the transformative impact of eCommerce and digital payments in these regions.
eCommerce Driving Exponential Growth
With a tech-savvy population and a rapidly expanding digital ecosystem, Southeast Asia and India are emerging as global powerhouses in online retail. Statista data from the Beyond Borders report forecasts a 14% annual growth in online sales across emerging Asian economies in the next two years, with India leading the way.
“The digital transformation and burgeoning middle-class consumer base in rising markets position them as pivotal players in the global eCommerce landscape,” said João Del Valle, CEO and Co-founder of EBANX.
Payment Innovations Reshaping Online Transactions
The surge in eCommerce is fueled by rapid advancements in digital payments, with real-time and cost-effective solutions like UPI (India), mobile money (Kenya), and Pix (Brazil) dominating online sales.
- UPI: Accounts for 55% of India’s online transactions, making it the country’s most popular digital payment method.
- Mobile Money: Powers 48% of Kenya’s eCommerce, highlighting the widespread adoption of mobile-first transactions.
- Pix: Holds a 40% share of Brazil’s online purchases, with its upcoming feature, Pix Automático, expected to generate over $30 billion in online recurring payments within two years of its 2025 launch.
Real-Time Payments: The Future of Emerging Markets
The adoption of real-time payments is set to accelerate across emerging economies, with Pix, UPI, and mobile money projected to grow by 35%, 18%, and 16% per year, respectively, by 2027. Debit cards are also gaining traction, capturing 32% of the market and sustaining a 24% compound annual growth rate (CAGR).
“Emerging markets are leading the global shift towards real-time payments, with innovations that match their populations’ demands for speed and convenience,” added Del Valle. “This is an irreversible trend, and our report highlights how localised solutions are shaping the future of payments.”
As eCommerce continues its meteoric rise, businesses and financial institutions in these regions have an unprecedented opportunity to leverage digital payment innovations, driving financial inclusion and economic growth at an unparalleled pace.
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