SOUTHEAST ASIA'S DIGITAL PAYMENT GROWTH A GAME-CHANGER FOR CONSUMERS, MERCHANTS - ANT INTERNATIONAL

From Fatin Umairah Abdul Hamid

SINGAPORE, Nov 6 (Bernama) -- The digital payment ecosystem in Southeast Asia is advancing rapidly, incorporating game-changing innovative approaches and creating unprecedented opportunities for both consumers and merchants, said international digital services company Ant International.

Its president Douglas Feagin said that as a result, Southeast Asia has made remarkable progress over the past five to seven years, with digital payments approaching the level of ubiquity seen in China.

“Digital payments are now used widely not only within individual countries but also increasingly across borders,” he told a panel session on “Defining the New Commerce across Borders: Cross-Border Payments and How it Benefits the Local and Regional Economy” at the ongoing Singapore FinTech Festival 2024.

As a digital services company based in Singapore, Ant International offers financial and payment services to businesses and communities worldwide.

As for merchants, Feagin said that the main objectives are to attract more customers and increase transaction volumes.

He said digital payments help merchants achieve these goals while enabling them to offer more than just basic payment processing.

Through digital platforms, Feagin emphasised that merchants can provide customers with new products and services that are accessible even when they travel abroad.

“This approach is a game-changer for merchants, helping them attract new customers and boosting sales from existing ones,” he said.

For consumers, particularly travellers, digital payments provide a seamless experience in unfamiliar environments by offering convenient payment options and information on local services.

“Through digital payment platforms, travellers can easily find available services and pay conveniently via their familiar digital app (application),” he said.

-- BERNAMA