Are you following the digital wallet revolution in SouthEast Asia? Unprecedented growth of digital payments leads many people to think that they are the only way to go.
However, South East Asia is a big and very diverse region. There isn’t one strategy for this region. Each country must be assessed and managed in its own unique way.
Let’s look at Thailand. In Thailand, cash is still king. Over 63% of POS transactions are conducted in cash.
Comparatively, let’s look at the Philippines. According to Statista, 94% of adults surveyed in the Philippines still prefer cash.
So what does this mean for businesses entering or expanding in the region?
It’s simple! You need to provide a broader set of payment and payout options.
Digital wallets, bank transfers, cash on delivery, crypto – the more choice you give people, the more likely they’ll do business with you. The more seamless the transactions of working with you, the more likely they are to continue to do business with you.
It’s not complicated, but attention to the details on a market-by-market or country-by-country basis is critical.
With MassPay, you can give your payees access to a wider range of payout options while still automating the entire process.
And best of all, you can expand to any region in the world with our network of local payout partners, and it’s frictionless for you, your partners and your payees.
Want more advice on how to make the most of the South East Asian market?
Get in touch – I’m always happy to have a chat and help find a solution!