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Thailand leads mobile banking penetration
Among Thailand’s internet users, 74% access banking services via mobile devices, according to the annual Global Digital Report 2019 from social media management platform Hootsuite and digital marketing agency We Are Social.
That puts one of Asia’s favorite vacation spots well ahead of the global rate of 41% and higher than China, at 61%.
Key Takeaways
- Southeast Asia leads in mobile economy adoption, with higher mobile e-commerce penetration in Indonesia, mobile banking in Thailand, and ride-hailing in Singapore.
- The region’s digital revolution is fueled by investment in startups, with Southeast Asian internet users spending more time on mobile internet than the global average.
- Southeast Asia’s internet economy is expected to triple by 2025, driven by mobile internet services and representing a significant growth opportunity for global investors.
The trend matches the Thai government’s plan to help the predominantly cash-driven economy go cashless. Banks are waiving fees for internet and mobile transactions across Thai banks, driven by competition within the banking sector and with digital payment services like Line Pay.
The Global Digital Report revealed that Southeast Asians spend more time on mobile internet than the global average, with Thais spending the most at 5 hours and 13 minutes per day, followed by Filipinos at 4 hours and 58 minutes, and Indonesians at 4 hours and 35 minutes.
The government expects multiple benefits from a digital payments economy. Transaction records would allow small and medium-size enterprises to apply for loans.
They would also make bribery more difficult and put hurdles in front of human and narcotics traffickers.
Source : https://asia.nikkei.com/Business/Business-Trends/Southeast-Asia-eclipses-China-as-world-s-mobile-economy-hot-spot
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