Looking for the best advice in payment processing? Call and get a free consultation Tel. +1.888-255-4596
Meet the PITS, the Heart of Southeast Asia E-Commerce
Instabill copywriters have reported at length about the e-commerce growth of the BRIC countries – Brazil, Russia, India and China – and the potential of each. Present attention, however, should be focused just south of China, what we’ll call the PITS countries – Philippines, Indonesia, Thailand and Singapore – the dominant nations behind Southeast Asia e-commerce. According to a recent story from Sheji Ho and Felicia Moursalien of Tech Crunch, the nations that make up Southeast Asia – which also include Vietnam, Cambodia, Laos, Malaysia, Myanmar and Brunei – are the next e-commerce juggernaut.
The Numbers Tell the StoryThe story about Southeast Asia e-commerce is in the numbers. As of 2013, with a population of 537 million citizens, there are only 158 million internet users with 87 million online consumers. While the e-commerce model of desktop shopping migrating to mobile phone shopping took hold in China, Europe and US, consumers in Southeast Asia are expected to migrate much faster to mobile e-commerce.
COD Still Rules Over Southeast Asia E-Commerce, But for How Long?According to the Tech Crunch article, Cash On Delivery remains the dominant method of payment in Southeast Asia. Paying via COD could soon slip into the minority if what happened in China is any indicator. From 2007-14, COD payments dropped 70 percent, largely because of the impact of Alibaba and WeChat. E-Commerce websites of the same magnitude have yet to pop up in Southeast Asia, but there are several that are emerging such as Matahari Mall, Lazada and Tokopedia. It is too early to tell which will become the giant of Southeast Asia e-commerce, but a frontrunner should emerge within 3-5 years.
Finding the Best Banking Options for Southeast Asia E-CommerceInstabill continues to establish new banking partnerships to present more payment options for its network of e-commerce merchants. Instabill’s association of e-commerce, MOTO and POS merchants expands worldwide because we have the resources to offer optimal payment solutions for a vast number of industries. Our merchant account managers are always live and available Monday through Friday from 8 a.m. to 6 p.m. US eastern time.
The backbone of ECS World is our PCI compliant payment gateway. Accept credit cards online, over the phone, or via mail order with our simple and easy-to-use payment processing solution. No hidden fees and no volume caps. Learn more today.
ECS World provides credit card processing services to online and MOTO businesses with its PCI compliant payment gateway solution. Whether you want to process onshore, offshore, or internationally, they have a solution for you!