Merchant acquisition across our customer base is accelerating with merchants moving away from cash acceptance to cashless. South-East Asia is in the midst of a financial revolution, with more than 50% of the population already using e-Money Wallets, with the expectation that this number will grow to 85% within five years.
COVID-19 is driving a sharp increase in merchants wanting to be digital and the consumer use of e-Money Wallets for digital payments with e-Money being the preferred method of payment for home delivery, in-store shopping, and transportation.
Our customers are telling us, they have seen a rapid rise in consumers using digital kiosks for ordering; one of these customers is McDonald’s in Indonesia who have adopted Youtap payments for QR Code and Cashless payments with Youtap accepting a wide variety of digital payments, including Grab “Ovo” and GoJek e-Money wallets utilizing the National Payment Gateway QR code standards and traditional payment methods.
Digital payments in South East Asia, according to the e-Conomy SEA report by Google, Temasek, and Bain & Company is expected to reach US$1.1 trillion in value by 2025 with e-Wallet transactions likely to exceed US$114 billion of this figure.
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