Paying for the big battle, at the touch of a word
Editor’s note: This article comes from the WeChat public account “A bear has something to say” (ID: Axiong19831983), author A Xiong.
Just as we celebrated the National Day holiday, Facebook CEO Mark Zuckerberg recorded a speech at an internal meeting and was exposed by the US media. In his analysis of FB and global Internet competition, he highlighted China’s Internet, including Tencent and Ali: “Tencent is trying to extend some of their services to Southeast Asia. Alibaba has extended their payment services to Southeast Asia. Overall, this is quite limited in terms of global expansion.”
The meaning of this sentence is translated: Tencent’s key products WeChat and WeChat payment, have always wanted to open the Southeast Asian market, but the effect is very poor. Alibaba’s Alipay development is better than WeChat payment, but the overall influence is still limited.
This brings up today’s topic. How about the development of mobile payment in the South Asian countries that are very close to China?
The Southeast Asian market has more than 600 million people, close to 200 million Internet users, and is expected to reach 300 million users in 2020. Nearly 100 million e-commerce and mobile payment users. According to the PricewaterhouseCoopers Global Consumer Insight Survey of 2019, Southeast Asia accounted for six of the top 10 mobile payment penetration rates. This is a blue ocean market that many Chinese entrepreneurs are eager to see.
Every country in Southeast Asia, compared with Europe and the United States, the overall credit card and debit card occupancy rate is not high. This has also prompted the development of new payment methods such as online banking and e-wallets. Due to the different cultures, regulations, infrastructure and user preferences of different countries, the differences in development are also great.
The current development of mobile payment is relatively good, including Indonesia, Thailand, Vietnam and so on. In the current Southeast Asian countries, mobile payment in Vietnam and Thailand is the fastest growing. The common characteristics of these two countries are rapid economic development, high penetration rate of smart phones and networks, traditional credit card underdevelopment, and policy relatives. More open.