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Wednesday, November 30, 2022

Amid a Digital Transformation, ASEAN Consumers Turn to E-Wallets

Southeast Asia has its online revolution right now. According to the global consulting organization Bain & Company’s 2019 report, 310 million of the region’s consumers will go digital by 2025.

However, the firm underestimated how fast the region’s consumers are adopting digital services. In an August study from Bain & Company in collaboration with Facebook, titled “Digital Consumers of Tomorrow, Here Today,” Southeast Asia is expected to reach 310 million digital consumers (nearly 70% of the region’s population) by the end of 2020, five years earlier than the analysts forecasted in the previous report.

Exceeding the previous forecast of $392, the firm’s new report predicts the average digital spending per person to rise from 2018’s $124 to $429 by 2025, representing a nearly 250% increase throughout the period.

The study – which surveyed over 16,000 digital consumers…

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