Google Playtime: Electronic payment in Southeast Asia will reach 1000 billion USD by 2025

 

In the opening speech at the 5th Google Playtime in Singapore, Mr. Kunal Soni, Google Play’s Business Development Director in SEA, India, AU/NZ provided an overview of Google’s commitment in eco-system growth for local developers.

At once, he also emphasized on strong innovation of digital payments in SEA and APAC as well: “There is a rapid growth in this area, like a high potential chance for digital improvements and just developers let us understand these changes”.

VTC Pay is one of digital e-wallets mentioned on Mr. Kunal Soni’s opening speech
 

In recent years, Google Play has invested in payment systems, e-commerce via 03 main methods: Payments via Telco balance, Giftcard and e-wallets. In Vietnam, VTC Pay e-wallet is one in two e-wallet as official payment solutions on Google Play.

Payment tutorials by VTC Pay e-wallet on Google Play
 

Nowadays, consumers have spent more time for applications on the internet, payments by cash have been gradually replaced by e-wallets or other online payment methods. There is a need for applicability and convenience, which shall show a brilliant future for payment service providers in SEA.

Economy’s expectation on the internet in SEA is USD 100B in 2019, maybe USD 300B in 2025, digital payments may reach USD 1000B in 2025.
 

Google Play also introduce new technologies and functions used in next short time, which improves both application’s development and opportunities for revenue increase. Let’s head to the near future – the day that digital payments become vital and replace “traditional wallets”, which helps consumers save time and money for daily standards.

Google Playtime 2019:
 

  
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