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The penetration rate is forecast to experience significant growth in all regions in 2028. From the selected regions, the ranking by penetration rate in the 'Digital Payments' segment of the fintech market is forecast to be led by Singapore with 99.78 percent. In contrast, the ranking is trailed by the Philippines with 42.05 percent, recording a difference of 57.73 percentage points to Singapore.

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Penetration rate of digital payments of selected countries in Southeast Asia from 2023 to 2028

Characteristic	Singapore	Malaysia	Indonesia	Thailand	Vietnam	Philippines
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Supplementary notes

Data provided by Statista Market Insights are estimates.

Definition:

The Digital Payments market segement is led by consumer transactions and includes payments for products and services which are made over the Internet as well as mobile payments at point of sale (POS) via smartphone applications and cross-border money transfers made over the internet (digital remittances). Transaction value equals money transfers out of the selected region.

Structure:

The three markets in Digital Payments include Digital Commerce, Mobile PoS payments, and Digital Remittances.

Additional Information:

The market comprises transaction values, average transaction value per user, users and user penetration rates. Transaction values in the Digital Payments market segment refers to consumer transactions made via the Internet or mobile wallets.

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