Two-Thirds of Southeast Asians Are Interested in Crypto for Payments
Visa is investigating the willingness to use cryptocurrencies for payments, with nearly two-thirds or 64% of Southeast Asian consumers saying they are interested. Cryptocurrency awareness reaches 92% across Southeast Asia, of which 22% is an investment.
Thailand took first place with an 85% increase in interest, followed by Vietnam at 79%, the Philippines at 72%, and Indonesia at 70%.
While the last position is Cambodia which only gets a 24% increase in interest, and Singapore, which gets 32%.
The results were from a survey conducted by Visa on 71% Affluent, 69% Gen Y, 64% Gen Z, 62% Mass, 60% Gen X, and 54% Boomers. With a total of 6500 respondents conducted during August and September 2021.
Meanwhile, Singapore occupies the second position from the bottom due to the Singaporean authorities being very vocal about the risks to cryptocurrencies and views about their security. Nonetheless, most Singaporeans prefer cashless in addition to cryptocurrencies.
The primary motivation for using digital assets as a means of payment is convenience, novelty, and potential for profit.
Southeast Asia goes cashless. The use of cash has drastically decreased since COVID-19. As many as 57% of respondents said they use cash payments less frequently.
97% of Singaporeans use cashless payments, compared to Cambodia’s 68%.
Mobile wallets have also become a new payment method, such as contactless cards, online cards, and QR payments, which are very popular in Indonesia, the Philippines, and Vietnam.
Two-thirds is a large number. In line with the speed of crypto adoption, Southeast Asia has a very potential market for digital assets, especially cryptocurrencies. In line with this, we believe our firm decision to be a segmented DEX can be a leading platform in SEA Crypto adoption growth.