Global businesses are given the power to access the vast Asian market through the services provided by Ecommpay.
In Southeast Asia, the dynamic market is flourishing, and success depends on understanding and accommodating local payment preferences. Ecommpay, a global payments platform, is helping businesses navigate this landscape by offering a wide choice of Alternative Payment Methods (APMs) popular in the region.
These APMs, such as OVO and QRIS in Indonesia, TouchNGo and Online Banking in Malaysia, GCash, GrabPay, and QRPh in the Philippines, and PromptPay and MoMo Wallet in Vietnam, have significantly contributed to the growth of Southeast Asia’s digital economy. These methods often involve digital wallets, QR-code payments, and local bank transfers tailored to regional preferences. In Thailand, popular APMs include LINE Pay, TrueMoney, and PromptPay, while Hong Kong features FPS QR.
The rise of these APMs supports the growth of the digital economy, with per capita spending on digital services forecasted to increase by 79% between 2022 and 2027. Southeast Asia’s digital economy has already seen an 82% growth in the last five years. This growth is driven by the convenience and security these APMs offer, reducing cart abandonment and broadening market reach for global businesses.
Moreover, digital wallets in mobile-first markets have become a preferred payment option, facilitating frictionless checkout experiences and enhancing consumer trust through features like tokenization. This trust is crucial in driving revenue growth and tapping into previously underserved customer segments, boosting cross-border transactions.
According to forecasts, Asia-Pacific’s cross-border payment volume is expected to nearly double from $12.8 trillion in 2024 to $23.8 trillion by 2032, highlighting the massive opportunity for businesses adopting these local APMs.
Ecommpay is committed to supporting businesses in their global expansion efforts. The platform offers advanced security features to mitigate fraud risks and is proud to help global businesses grow in Asia through compliant and secure payment solutions, fully aligned with data privacy laws, international sanctions frameworks, and local regulatory requirements.
Rosanna Helm-Visscher, Global Head of Partnerships at Ecommpay, comments on the significant growth opportunity in Asia for businesses. “The tech-savvy, young, and rapidly growing population in Asia is driving the adoption of digital solutions and demanding modern payment options. Ecommpay is proud to be a trusted partner for businesses looking to unlock the potential of Asia's thriving digital economy.”
In summary, Ecommpay's comprehensive suite of Asian APMs is providing a frictionless checkout experience, enabling global businesses to effectively engage this rapidly expanding market. With the growing importance of APMs over traditional card payments in many Southeast Asian countries, businesses can tap into previously underserved customer segments, boosting cross-border transactions and driving revenue growth.
Technology plays a vital role in facilitating the growth of the digital economy in Southeast Asia, as Ecommpay's advanced payment solutions offer a wide choice of Alternative Payment Methods (APMs) popular in the region. These digital wallets, QR-code payments, and local bank transfers help businesses access previously underserved customer segments and boost cross-border transactions, driving revenue growth.
