Indonesia
Indonesia’s e-commerce market is booming, with an expected annual growth rate (2021-2025) of 10.21%, resulting in a projected market size of $56 billion by 2025.
With roughly 150 million Indonesians still without a bank account, cash payments are the most common way to pay in Indonesia. Payment cards are gradually gaining popularity in the country, while alternative payment solutions are gaining popularity in the country. Another trend is the growing popularity of installment payments. Indonesian consumers also prefer to use traditional payment methods, such as online banking and bank transfers. Krung Thai Bank, Bank of Ayudhya, United Overseas Bank, Bank Central Asia, Rakyat, Bank Mandiri and Bank Negara are the most popular banks in the country.
With more than 95% of Indonesia’s 268 million population already using alternative payment methods, the ability to accept local payment methods is a must for success in Indonesia’s e-commerce market.
OVO
More than 110 million people in Indonesia already use OVO.
DOKU is one of the most popular e-payment solutions in Indonesia with more than 2.5 million registered e-wallet users, and that number continues to grow among millennials. The DOKU connection allows companies to accept different payment methods: virtual accounts, bank transfers, e-wallets and in-store payments.
Virtual Accounts
Virtual Accounts are a very popular local payment method in Indonesia that allows customers to pay through ATMs, online banking or mobile banking using a unique 16-digit payment code. Virtual accounts are similar to bank account numbers, but this method does not disclose information about users’ bank accounts.
Payments at supermarkets
Payments at supermarkets and mini-markets remain one of the most popular payment methods in Indonesia due to the high percentage of the unbanked population and the relatively slow growth rate of credit and debit card use. Paying for orders online through in-store cash payments, including the two leading chains with 30,000 stores nationwide, Indomaret and Alfamart, remain a very popular payment method.
Payments with Alfamart are a popular way to pay in Indonesia. It is a chain of convenience stores that allows shoppers to purchase items online for cash.
Popular payment methods in Indonesia
Ovo
e-wallet Doku
Virtual Accounts
Online Banking
ATM Payments
Cash payment in stores
Visa
Mastercard
Philippines
Payment preferences in the Philippines are diverse. Cash payments are widespread, mainly because of the low availability of financial services: only 32% of the population has a personal or joint bank account. Predicting a significant change in this trend in the near future is difficult, mainly because the number of consumers is not growing as fast as in other Southeast Asian countries.
Electronic wallets such as local GCash or Smart Money are present in the market, but do not reach a significant portion of the local population.
While there is a possibility that the popularity of smartphones in the country is driving technological innovation and will increase the use of e-wallets in the Philippines in the future, as has happened in China, online banking is the most popular method of online payments. Banks such as Banco de Oro, Metrobank, Bank of the Philippine Islands (BPI), Unionbank and Asia United Bank (AUB) are popular not only for online transfers but also because of their convenient online banking applications.
GrabPay is a popular payment method in the Philippines. It is a mobile electronic wallet used for cashless purchases.
Local consumers use GrabPay to pay bills, transfer money to local bank accounts or other GrabPay e-wallets.
GCash is a popular payment method in the Philippines as well. It is a mobile e-wallet widely used by consumers to send and receive money, pay bills and shop online.
Coins.ph.
The Coins.ph mobile app gives consumers direct access to banking and digital payment services, including local and international money transfers, bill payments, play credits and online purchases.
Paying in cash at banks
Cash at banks is another popular way to pay in the Philippines. Users can pay at the following banks: Banco de Oro, Chinabank, EastWest, Landbank, Metrobank, PNB, RCBC, Robinsons Bank, RCBC, Security Bank, UCPB and Unionbank.
Paying in stores
Paying in cash at convenience stores is one of the most popular payment methods in the Philippines. With the integration of ECOMMPAY, merchants can accept payments made by customers at the cash registers of the following stores: 7-Eleven, Bayad Center, Cebuana Lhuillier, ECPay, LBC, M. Lhuillier, Robinsons Department Store, RuralNet, SM Supermarket.
Popular Payment Methods in the Philippines
Online banking
Paying in cash upon delivery
ATM Payments
GCash
Smart Money
GrabPay
Coins.Ph
Vietnam
Vietnam’s economy is heavily dependent on cash transactions: nearly 90% of all transactions in the country are paid in cash. Nevertheless, the Vietnamese government has launched several initiatives to combat low adoption of banking services, aiming for at least 70% of citizens over the age of 15 to have bank accounts by 2021.
Online Banking.
The use of online banking services is key in Vietnam, where Vietcombank, Vietinbank, Bank for Investment and Development of Vietnam, Asia Commercial Bank, Techcombank and VPBank are the most popular service providers. Card payments are also part of the market, with nearly 91 million cards in circulation, but card usage remains low. The explanation for this is poor ATM network coverage in rural areas, where 70% of the population lives.
Ngan Luong
Ngan Luong is a popular electronic wallet in Vietnam. This payment method is widely used by Vietnamese merchants to accept payments and disbursements.
VN Post
ECOMMPAY integration allows merchants to accept cash payments made by consumers at Vietnam Post (VN Post) counters. Learn more about VN Post payments here.
Viettel Post.
ECOMMPAY integration allows merchants to accept cash payments made by consumers at Viettel Post cash desks.
Popular payment methods in Vietnam
Online banking
Online banking QR
Paying cash on delivery
Ngan Luong
Visa
Mastercard
ViettelPost
VNPost
Thailand
Thailand has relatively high levels of banking usage, but the country lags behind in terms of Internet usage. While Thailand ranks 45th in the World Bank’s Logistics Performance Index, the country’s level of business regulation is relatively high, ranking 26th. The local e-commerce market was $3.56 billion in 2017 and is expected to nearly double by 2021, with a projected volume of $6.84 billion.
Online Banking.
Thai consumers, 81% of whom have a bank account, rely on traditional payment methods such as online banking. Bangkok Bank, Kasikorn Bank, Siam Commercial Bank, Krungthai Bank, TMB Bank, Bank of Ayudhya and CIMB Bank are the most popular providers of this payment method.
Card payments and e-wallets
Despite the popularity of cash payments, cards and e-wallets are also widespread. About 80 million bank cards are in use in Thailand, 75% of which are bank debit cards. Mobile operators provide their own e-wallets (similar to SMART Money in the Philippines). The most popular e-wallet in Thailand, True Money, which is a product of the mobile operator TrueMove, operates according to this principle.
Popular payment methods in Thailand
Online banking
Payment in stores
Visa
Mastercard