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Southeast Asia enters Digital Decade
The commercial markets of Southeast Asia are entering a “digital decade” that could see the value of the region’s Internet economy expand to US$365bn by 2025 and over US$1tn by 2030, according to estimates. The 2021 edition of the economy SEA report compiled by Google, Temasek, and Bain analyzed Vietnam, Thailand, the Philippines, Malaysia, Singapore, […]
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Amazon broadens US mobile payment options
Amazon’s decision to allow payments via the Venmo digital wallet app in the US illustrates how the world’s biggest online retailers are offering more flexible purchasing options in the face of burgeoning consumer demand. At some point in 2022 (a specific date is yet to be decided), Amazon will allow US customers to fund purchases […]
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Merchandising finds new digital channels
The latest collaboration between eCommerce platform provider Shopify and Spotify breaks fresh ground in online shopping, marketing, and advertising by giving musicians, bands, podcasters and others more options to quickly and easily monetise their brand via the audio streaming service. Shopify will now allow artists that use its service to sell their merchandise directly to […]
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Nubank IPO highlights LatAm digital payments growth
The imminent US$50bn IPO of Nubank, regarded as the biggest digital bank in the entire world,[i] let alone its native Brazil, illustrates how quickly Latin America is embracing new forms of payment. The company estimated contactless payments more than doubled in 2020 over 2019, leading to a partnership with Google in February this year, allowing […]
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PromptPay illustrates Thailand mobile payment expansion
Consumers in Thailand have rushed to embrace digital payments since the beginning of the coronavirus pandemic, with the country’s central bank reporting that transaction volumes on the PromptPay platform have increased fourfold since 2019.[i] PromptPay was introduced in December 2016 by payments firm VocaLink, subsequently acquired by Mastercard in 2017 as the financial services giant […]
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Mobile channels underpin increased eCommerce fraud in North America
More people switched to buying their shopping online and paying for it using their smartphones, the economic lockdowns introduced to counter the impact of the coronavirus pandemic. But the enhanced consumer preference for mobile commerce (mCommerce) and mobile payments also attracted the unwanted attention of fraudsters keen to capitalise on the trend. In its latest […]
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Mobile payment growth attracting more fraudsters
Total eCommerce fraud will exceed US$20bn in 2021, up 18% over 2020 according to Juniper Research, and a growing tally of fraudulent transactions are originating from consumer smartphones as hackers follow the money. ACI Worldwide’s latest Fraud Insights report analysed hundreds of millions of transactions across its global customer network. It reveals a 27% year […]
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WhatsApp streamlines digital payments in India
WhatsApp’s is making it easier for consumers in India to initiate digital payments within its interface in a move that should help boost the volume and value of mobile transactions in the country and set a precedent for the rollout of the same function in other geographies. The Facebook-owned messaging company will add the rupee […]
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Singapore links wallets with Thailand, India and Malaysia
Countries in Southeast Asia are harmonising their instant payment capabilities to enable cross border money transfers more efficiently and at less cost while simultaneously expanding mobile payments. Krungthai Bank announced it would launch new international money transfer and payment services linking Thailand and Singapore using QR codes in September.[i] The arrangement will allow participating banks […]
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Shopee building business in Latin America
SEA’s Shopee is one of the largest eCommerce sites in Southeast Asia, and the company now has its sights on dominating the market in Latin America. The company is steadily expanding its presence in the region after the success of its eCommerce platform in Brazil[i]. After first launching in 2019, Shopee had become the 9th […]
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Mobile payment options continue to expand in Southeast Asia
The mobile payments landscape in Southeast Asia continues to evolve as consumers embrace mCommerce. Still, merchants need to offer flexible billing mechanisms to reach as many customers as possible and partner with the right payment providers to make the most of the opportunity. The recent collaboration between PromptPay and Rapyd in Thailand is an example […]
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Payment market evolution backs digital wallets
Only two types of eCommerce payment methods will grow their share of online shopping transactions between 2020 and 2024, according to a new report: mobile wallet and buy now pay later services. But whereas alternative payment mechanisms (APMs) may increase their share of transaction volume and value over the next few years, the migration will […]