Social distancing has caused a shift in consumption patterns and accelerated the adoption of digital services and payments by businesses and customers. Due to the rapid development of digital payments and alternative lending recently, Southeast Asia serves as a strong example.
According to a survey conducted by Facebook with Bain & Company, 85% of respondents tried new digital apps during the first quarter this year. The list includes e-commerce and digital payments platforms too.
According to PWC, only 37% of the Vietnamese made mobile payments in 2018. In one year, the share grew to 61%. In the Philippines and Indonesia, the rate of such payments in 2019 was a bit lower: 45 and 47%, respectively.
A survey conducted by Robocash Group in early 2020 showed further dynamic. Thus, 73% of the company customers in Vietnam made e-payments last year. However, only 23% conducted five and more such payments weekly. This is close to the findings in the Philippines (13%) and Indonesia (16%). As for online lending, 62% of respondents in Vietnam took their first loans in 2019 remotely.
To sum up, habits formed during COVID-19 pandemic and social distancing will contribute to the continued expansion of digital payments and lending.
Moreover, speeding up the transfer of funds, reducing the weight of the informal economy and increasing tax inflows to the budget, it can add up to 0.5% to GDP growth in the countries of South-East Asia in 2022-2025.
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