Hanoi (VNA) - The Southeast Asian ecommerce market is on a strong upward trajectory, with potential to increase 85.4% to 289.8 billion by 2029, according to a study recently conducted by 2C2P, according to a study recently conducted by payments platform 2C2P by Antom.
This represents a 13.2% of compound annual growth rate (CAGR) — the second-fastest globally, the firm said in a statement.
Notably, digital payments options are projected to account for 97% of total e-commerce transactions by that time, up significantly from 89% in 2024.
The strongest growth is expected in domestic payments such as real-time payments, local bank-based payment schemes, and mobile wallets, particularly in markets such as Vietnam, Indonesia, and Thailand.
Domestic payment methods are forecast to grow by 104% to 92 billion USD by 2029, while e-wallet transactions are expected to reach 79 billion USD. Meanwhile, the “Buy Now, Pay Later” (BNPL) model is set to surge by 174%, hitting 18.9 billion USD over the same period.
Small and medium-sized enterprises (SMEs) remain the backbone of the region’s economy, contributing more than 50% of GDP and employing 64.6% of the workforce. Despite their increasing participation in digital commerce, SMEs continue to be underserved in payment and e-commerce analyses.
Amid the rapid evolution of the payment ecosystem, Worachat Luxkanalode, Group Chief Executive Officer of 2C2P by Antom, stressed the need for solutions that simplify operations and support diverse local payment methods.
Leveraging a single application programming interface (API) can enable businesses of all sizes to expand cross-border operations, seize new opportunities, and fully engage in the region’s fast-growing digital economy, he added./.
