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QR Payment Systems Thriving in Southeast Asia
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QR payments are booming in Southeast Asia, especially in Malaysia and Cambodia. These countries lead the way due to low bank account ownership and limited ATM access, coupled with affordable smartphones.
In Cambodia, QR payments surged 29% in 2023 to 601 million transactions. The National Bank of Cambodia launched Bakong Tourists, a mobile payment system for travelers, promoting the use of the Cambodian riel. With 3.3 million QR payment locations, even small vendors accept QR codes.
Malaysia's DuitNow QR, launched in 2019, saw 1.5 billion transactions in the first half of 2024, totaling 1.37 billion ringgit. It interoperates with other ASEAN systems, making cross-border payments seamless.
Singapore's PayNow, launched in 2017, processed 437 million transactions worth 157 billion Singapore dollars in 2023. It linked with Thailand's PromptPay in 2021, the first international instant payment system linkage. PayNow now supports startups and fintech, with 27 participating banks and companies.
The Bank of Thailand is expanding PromptPay's reach across ASEAN. QR payments are becoming essential infrastructure, facilitating commerce and tourism.
| Scores | Value | Explanation |
|---|---|---|
| Objectivity | 6 | Comprehensive reporting with in-depth analysis. |
| Social Impact | 5 | Significantly influencing public opinion. |
| Credibility | 5 | Solid evidence from authoritative sources. |
| Potential | 6 | Almost inevitably leading to significant changes. |
| Practicality | 5 | Widely applied in practice with good results. |
| Entertainment Value | 2 | Slightly monotonous with a few entertaining elements. |