Mobile Payments Still Far From Replacing Cash in Southeast Asia
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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