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The digitalisation of payments in South-East Asia
Journal of Digital Banking,
4
(1),
76-84
(2019)
Abstract
This paper explores the current payments landscape in South-East Asia, major trends in the region’s burgeoning e-commerce and Internet economy, digital inclusion paving the way for full financial inclusion, and discusses how financial institutions can do more for their digital consumers. It highlights how the growth in mobile ownership and Internet penetration has led to rising competition between financial institutions, non-banks and FinTechs to maintain their competitive edge. The paper also explores the non-homogeneous developments across both mature and emerging economies and underscores the various drivers behind the acceptance of mobile and digital payments. The promising levels of digital inclusion could be a major game changer in fighting for financial inclusion and reaching out to the unbanked and underbanked masses of in South-East Asia. It stresses that digitalisation of payments is a necessary disruption, but financial institutions need to continue to keep customers’ needs at the centre of this digital revolution.
Keywords: mobile payments; South-East Asia; digital economy; financial inclusion
The full article is available to subscribers to the journal.
Author's Biography
Molly Shea is the senior vice president and general manager for Asia Pacific, Western Union, where she is in charge of omnichannel profit and loss statements (P&Ls) for the region. Her responsibility includes both the retail and the digital performance and growth while building the money transfer network and channels in the region to provide an outstanding end-to-end customer service. She brings over 20 years’ experience in the financial services industry, including significant international experience. Prior to taking on this role, she held several senior international roles of increasing responsibility with the company, including serving as managing director of the international business based out of Dublin, Ireland. She also served as senior vice president, financial planning and analysis, with responsibility for the global consumer-to-consumer and consumer-to-business money transfer segments. Most recently, she was assigned as senior vice president for digital, responsible for the global expansion of the Digital consumer-to-consumer business in the Middle East, Eastern Europe, Africa and Asia regions, including the regions’ strategy and operations.
