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Payment Diversity: The Key to eCommerce in Southeast Asia – Spiceworks News and Insights

Payment Diversity: The Key to eCommerce in Southeast Asia – Spiceworks News and Insights

Discover Southeast Asia’s booming eCommerce and payment trends, where digital wallets and QR codes are reshaping the market. Joaquin Moreno of dLocal explains why diversifying payment options is crucial for success.For those keeping a close eye on emerging payment trends in Asia, the southeast portion of the region is emerging as a particularly exciting hub for eCommerce and payment companies alike. As electronic money (eMoney) transactions continue to trend upward in Asia, eCommerce merchants must provide acceptance for multiple payment forms, like QR codes and digital wallets, as this shift from cash continues to gain momentum. While cash-on-delivery (COD) options remain important, expanding acceptance of multiple electronic payment options (card or eWallet-based) is imperative. International merchants need to ensure their third-party payment partners can assist them with enabling all local possibilities to take advantage of the change in buyer behavior.Southeast Asia Leads the Way for InteroperabilityIn July 2022, Bank Indonesia (BI), Bank Negara Malaysia (BNM), Bangko Sentral ng Pilipinas (BSP), Monetary Authority of Singapore (MAS), and Bank of Thailand (BOT) announced their goal of linking payment systems across the region to support faster, affordable, more transparent and inclusive cross-border payments. A Memorandum of Understanding for this initiative was signed in November 2022.The… 

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EcomEye.com Southeast Asia eCommerceFor Press Release and guest posts, feel free to reach mb[at]ecomeye.com/mb.asia[@]icloud.com 

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