PR98557

SINGAPORE, Nov. 1, 2022 /PRNewswire=KYODO JBN/ --

With Southeast Asia's booming digital economy projected to surpass the US$300

billion mark by 2026, digital payments continue to present tremendous growth

opportunities for businesses, according to a new IDC report commissioned by

global payments platform 2C2P[https://2c2p.com/] and global membership

association for payments and fraud prevention professionals Merchant Risk

Council[https://merchantriskcouncil.org/?utm_source=referral&utm_campaign=SEA-re

port&utm_medium=press-release&utm_id=2c2p.com] (MRC).

On the flip side, emerging threats and vulnerabilities create heightened fraud

risks. Navigating this fast-evolving space requires companies to tap into the

appropriate payments technology and security innovations to optimise growth and

protect themselves and their customers from fraud.

The IDC Infobrief, "How Southeast Asia Buys and Pays 2022: New Opportunities,

Connectivity, and Risks"[https://go.2c2p.com/2c2p-infobrief/], unravels the

emerging opportunities and risks across Indonesia, Malaysia, the Philippines,

Singapore, Thailand, and Vietnam.

Key payments highlights:

Digital economy spending will rise by 121% by 2026, and digital payments will

grow to 92% of total digital economy payments by 2026, up from 80% in 2020.

426 million users in Southeast Asia will use mobile wallets by 2026,

representing 62% of the total population.

Buy Now Pay Later (BNPL) continues to grow in importance, with BNPL spending

expanding by $9.8 billion, a 3.5X increase from 2021.

Real-time-payments (RTP) will shape the future Southeast Asian payments

landscape, with transaction values climbing 8X from US$1.428.6 billion to

US$12,978.7 billion between 2021-2026.

One in four Southeast Asia internet users were victims of fraud in 2021.

The need for businesses to support new payment methods, such as mobile wallets,

RTP and BNPL, continues to create complexity in payments management and

operations. How payments are used in each Southeast Asian market also has its

unique characteristics and, correspondingly, its unique vulnerabilities. Any

business operating in the region requires a high degree of localisation and

understanding to offer its customers the right payment options. At the same

time, given the diversity of these markets and their different levels of risk,

bad actors have fine-tuned their own activities to match the weaknesses.

The IDC Infobrief makes five recommendations for selecting a payments partner

in 2022:

Superior intra-ASEAN support, especially for cross-border payments

Familiar with the intricacies of the region

Ability to recognise and counterattack new threats

Offers technology for more accurate authentication

Global insight to stay on top of the latest threats and best practices

Julie Fergerson, CEO of the MRC, said, "Southeast Asia is full of exciting

promise as its digital economy continues to soar to new heights. However, with

the growth comes the emerging fraud menace threatening businesses and consumers

across the region. Companies urgently need to develop resilient measures to

counter the threat of fraudsters. This timely IDC Infobrief highlights suitable

ways for businesses to reduce the risk of fraud by identifying the best

payments partner to support their growth journey."

"2C2P is delighted to partner with the MRC to commission this valuable report,

and we hope it supports more secure and risk-free growth for businesses across

Southeast Asia. As we continue to see the region's digital economy expand and

become more complex, businesses are inevitably exposed to new fraud and

vulnerabilities. 2C2P is determined to keep payments seamless and secure in

this diverse region, ensuring we make digital payments easy while keeping our

customers and merchants safe," said Aung Kyaw Moe, Founder and Chief Executive

Officer of 2C2P.

The MRC launched in 2000 and continues to be at the forefront of industry

evolution and the ongoing fight against eCommerce fraud.

MRC Logo Link: download

image[https://storage.pardot.com/314271/1601641469Jumy4zyZ/MRC_logo_with_tagline

_CMYK.jpg]

source: 2C2P