Mobile Payments Still Far From Replacing Cash in Southeast Asia

According to recent data by research firm IDC, mobile payments are still facing an uphill battle against cash in the Southeast Asian region where more than 70% of the 600 million-plus people do not use banks.

IDC found that 44% of total e-commerce transactions last year was still made in hard currency. Some obstacles to the adoption of mobile payment is low monthly income, which is around $200 on the average in Vietnam and Indonesia, the lack of a dominant player in the space, slow and spotty internet connectivity, and the impression of customers that such kind of payment method would be complicated to use.   

Source: Reuters

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