Digital payments at forefront of S-E Asia's booming Internet economy

Singapore

THE digital payments market in South-east Asia has hit an inflexion point, and growth in this segment is likely to propel the region's Internet economy to a US$300 billion market by 2025.

This is according to the annual e-Conomy report by Google, Temasek Holdings and Bain & Company released on Thursday, which showed a US$100 billion bump in its US$200 billion projection made in 2016.

As it is, the numbers have shot past earlier estimates due to hearty growth from the e-commerce and ride-hailing players in the region.

In line with the rise of these two sectors, digital payments - defined as cashless transactions t…