MAJOR Southeast Asian economies have been hit hard by the pandemic and are still navigating the path to recovery amid renewed outbreaks, new virus variants and uneven vaccine rollouts. But as devastating as lockdown restrictions have been, these have also proved a positive driving force for millions of consumers to adapt to new ways of spending and embracing digital commerce, permanently changing consumer behavior.
Digital financial services, in particular, have kept the Southeast Asian economy afloat. The rise of digital payments and greater access to the internet have fueled a rapid rise in digital consumers amid the pandemic. Online payments in the region are poised to exceed $1 trillion by 2025, driven by an ongoing trend away from cash payments and increased usage of e-commerce as well as further development of new payment methods, particularly for e-wallets and prepaid cards.
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