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Payments Services Market in Cambodia, Laos, Myanmar (CLM), and Vietnam, Forecast to 2025

Payments Services Market in Cambodia, Laos, Myanmar (CLM), and Vietnam, Forecast to 2025

Market Potential for Payments in all 4 Countries Indicates Favorable Investment Opportunities

RELEASE DATE
21-May-2020
REGION
Asia Pacific
Research Code: 9ABE-00-52-00-00
SKU: TE03942-AP-MR_24412
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Description

China’s Belt and Road Initiative (BRI) launched in 2013 aims to boost global trade connectivity and cross-border transactions between China and countries on the new Silk Road, including Cambodia, Laos, Myanmar (collectively called as CLM), and Vietnam. It is expected to enhance financial cooperation in the region, and eventually bolster the growth of the payments industry in these countries. Besides Vietnam, we expect Myanmar and Cambodia to have the highest growth, while in Laos, the payments industry is still in the early stages of evolution due to the underdevelopment infrastructure. The focus of foreign investments into the industry is mainly on Vietnam, followed by Myanmar, Cambodia and Laos.

Growing numbers of youth and tech-savvy people who move from rural areas to the city are expected to support payments growth in CLM and Vietnam. The payments ecosystem is still fragmented in most countries. Consumers are likely to use the most popular service in their community but might need to use another service in another location. Most payments solutions are targeted at a mass population, typically those in urban areas. The solutions, therefore, are not relevant for the untapped population beyond the mass market such as the elder generation and rural residents, which may pose a huge market opportunity.

The high unbanked proportion of the population in CLM has compelled many digital payments providers to release user-friendly payments services that enable customers without bank accounts to withdraw, remit, and make payments leveraging the mobile service technology. Moreover, the limited infrastructure remains a challenge for payments providers. Hence, a solution offering innovative payments services without the need for bank accounts becomes more meaningful in providing financial services to the underserved market.

Data-rich payments (e.g., via QR codes) in CLM and Vietnam have become hugely popular. Soon, Near Field Communication (NFC) and biometrics are set to dominate digital payments, and governments and market participants are likely to continue enhancing interoperability. Data security has been a key restraint in all selected countries. Digital payments carry sensitive data over the Internet, so service providers need to assure consumers about platform security and trustworthiness.

Read this paper if you are:
• Considering market expansion into CLMV
• Investing in payment companies operating in CLMV
• Planning to start a business in CLMV where payment strategy would be a key consideration for success


Research Highlights

This research study provides insights into the market and explores the market and investment potential within the payments industry in CLM and Vietnam. It presents a market outlook, regulatory analysis, country prioritization, key investment data, key trends and drivers, market forecast and trends, strategic imperatives, companies to action, and technology trends in the selected countries. It also touches on the payments market in Thailand as a reference and benchmark.

Countries covered include Cambodia, Laos, Myanmar, Vietnam, and Thailand. Collaborations and partnerships between large financial institutions and FinTech providers are also discussed in this study. Many such partnerships have been established in the market to develop innovative payments solutions and new use cases addressing customer pain points. Companies mentioned in this study include but are not limited to, Digital Money Myanmar (Wave Money), Telenor, Yoma Bank, PI Pay PLC, Online Mobile Service JSC (MoMo), Vietcom Bank, Vientin Bank, Ascend Money (True Money), OK Dollar, Ooredoo Myanmar, Easy Pay, Ongo, MyPay, 2C2P, MyanPay, Banque Pour Le Commerce Exterieur Lao Public, Kasikorn Bank, Moca Technology and Services JSC, LaoViet Bank QR Pay, KiwiPay, Kapao eWallet, Wing, PayGo, Pi-Pay, Smart Luy, DaraPay, ZaloPay, and Viettel Telecommunications.

Key Issues Addressed

  • What is the scope of payments services in CLM and Vietnam? What are the digital payment capabilities in these markets?
  • Who are the key market players and their service offerings?
  • What is the market potential of the payments industry in CLM and Vietnam? What are the investment opportunities for parties interested to invest?
  • What are the risks associated with the implementation of digital payments services? What are the updates on the governing local regulation and standards?
  • Why industry best practices and global based digital payments solutions are needed to grow these mobile payment markets to ultimately achieve a cashless society?

Author: Dewi Rengganis

Table of Contents

Executive Summary

Key Findings—Country-Specific

Key Findings—Country-Specific (continued)

Market Definitions

Key Questions this Study will Answer

Key Companies to Watch

Payments Services in CLM and Vietnam—Market Trends

Payments Services in CLM and Vietnam—Market Trends (continued)

Payments Services Market in CLM—Market Drivers

Payments Services Market in CLM—Drivers Explained

Payments Services Market in CLM—Market Restraints

Payments Services Market in CLM—Restraints Explained

Payments Services in Vietnam—Market Trends

Payments Services Market in Vietnam—Market Drivers

Payments Services Market in Vietnam—Drivers Explained

Payments Services Market in Vietnam—Market Restraints

Payments Services Market in Vietnam—Restraints Explained

Summary of Payments in CLM and Vietnam

Summary of Payments in CLM and Vietnam (continued)

Summary of Payments in CLM and Vietnam (continued)

Summary of Payments in CLM and Vietnam (continued)

Forecast Assumptions

Payments Transaction Value and Volume Forecasts—CLM and Vietnam

Payments Transaction Value and Volume Forecasts—CLM and Vietnam: Discussion

Percent Payments Transaction Value Forecast by Country

Payments Transaction Value Forecast by Country—Discussion

Market Revenue Potential by Country

Market Penetration by Country

Market Penetration—Discussion

Payments Value Chain

Value Chain—Discussion

Payments Business Models

Market Revenue Projections—Discussion

Payments Potential—Country Prioritization

Payments Potential—Country Prioritization (continued)

Cambodia at a Glance

Cambodia—Government Initiatives and Support

Cambodia—Market Potential

Cambodia—Market Potential (continued)

Cambodia—Payments Transaction Value and Volume Forecast

Cambodia—Payments Transaction Value and Volume Forecast: Discussion

Cambodia—Revenue Forecast

Cambodia—Competitive Landscape

Cambodia—Key Player Profiles

Laos at a Glance

Laos—Government Initiatives and Support

Laos—Market Potential

Laos—Market Potential (continued)

Laos—Payments Transaction Value and Volume Forecast

Laos—Payments Transaction Value and Volume Forecast: Discussion

Laos—Revenue Forecast

Laos—Competitive Landscape

Laos—Key Player Profiles

Myanmar at a Glance

Myanmar—Key Start-ups and Active Investors

Myanmar—Government Initiatives and Support

Myanmar—Market Potential

Myanmar—Market Potential (continued)

Myanmar—Payments Transaction Value and Volume Forecast

Myanmar—Payments Transaction Value and Volume Forecast: Discussion

Myanmar—Revenue Forecast

Myanmar—Competitive Landscape

Myanmar—Service Trends

Myanmar—Key Player Profiles

Myanmar—Key Player Profiles (continued)

Vietnam at a Glance

Vietnam—Government Initiatives and Support

Vietnam—Market Potential

Vietnam—Market Potential (continued)

Vietnam—Payments Transaction Value and Volume Forecast

Vietnam—Payments Transaction Value and Volume Forecast: Discussion

Vietnam—Revenue Forecast

Vietnam—Competitive Landscape

Vietnam—Key Player Profiles

Thailand—Market Overview

Thailand—Payments Solutions Overview

Digital Payment Solutions of Today

What Digital Payments in the Future Need to Be

Credit Card Model Set to Remain for Years to Come

Real-Time Cross-Border Settlements Can Enable Payments Across Countries

Frost & Sullivan Analyst Opinion

Growth Opportunity 1—Developing Solutions for Untapped Segments

Growth Opportunity 2—Expanding Payments Solutions to Neighboring Countries

Growth Opportunity 3—Offering B2B Payments for the SME Segment

Strategic Imperatives for Success

Conclusions and Recommendations

The Last Word—3 Big Predictions

Legal Disclaimer

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

The Frost & Sullivan Story

Value Proposition—Future of Your Company & Career

Global Perspective

Industry Convergence

360º Research Perspective

Implementation Excellence

Our Blue Ocean Strategy

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China’s Belt and Road Initiative (BRI) launched in 2013 aims to boost global trade connectivity and cross-border transactions between China and countries on the new Silk Road, including Cambodia, Laos, Myanmar (collectively called as CLM), and Vietnam. It is expected to enhance financial cooperation in the region, and eventually bolster the growth of the payments industry in these countries. Besides Vietnam, we expect Myanmar and Cambodia to have the highest growth, while in Laos, the payments industry is still in the early stages of evolution due to the underdevelopment infrastructure. The focus of foreign investments into the industry is mainly on Vietnam, followed by Myanmar, Cambodia and Laos. Growing numbers of youth and tech-savvy people who move from rural areas to the city are expected to support payments growth in CLM and Vietnam. The payments ecosystem is still fragmented in most countries. Consumers are likely to use the most popular service in their community but might need to use another service in another location. Most payments solutions are targeted at a mass population, typically those in urban areas. The solutions, therefore, are not relevant for the untapped population beyond the mass market such as the elder generation and rural residents, which may pose a huge market opportunity. The high unbanked proportion of the population in CLM has compelled many digital payments providers to release user-friendly payments services that enable customers without bank accounts to withdraw, remit, and make payments leveraging the mobile service technology. Moreover, the limited infrastructure remains a challenge for payments providers. Hence, a solution offering innovative payments services without the need for bank accounts becomes more meaningful in providing financial services to the underserved market. Data-rich payments (e.g., via QR codes) in CLM and Vietnam have become hugely popular. Soon, Near Field Communication (NFC) and biometrics are set to dominate digital payments, and governments and market participants are likely to continue enhancing interoperability. Data security has been a key restraint in all selected countries. Digital payments carry sensitive data over the Internet, so service providers need to assure consumers about platform security and trustworthiness. Read this paper if you are: • Considering market expansion into CLMV • Investing in payment companies operating in CLMV • Planning to start a business in CLMV where payment strategy would be a key consideration for success--BEGIN PROMO--

Research Highlights

This research study provides insights into the market and explores the market and investment potential within the payments industry in CLM and Vietnam. It presents a market outlook, regulatory analysis, country prioritization, key investment data, key trends and drivers, market forecast and trends, strategic imperatives, companies to action, and technology trends in the selected countries. It also touches on the payments market in Thailand as a reference and benchmark.

Countries covered include Cambodia, Laos, Myanmar, Vietnam, and Thailand. Collaborations and partnerships between large financial institutions and FinTech providers are also discussed in this study. Many such partnerships have been established in the market to develop innovative payments solutions and new use cases addressing customer pain points. Companies mentioned in this study include but are not limited to, Digital Money Myanmar (Wave Money), Telenor, Yoma Bank, PI Pay PLC, Online Mobile Service JSC (MoMo), Vietcom Bank, Vientin Bank, Ascend Money (True Money), OK Dollar, Ooredoo Myanmar, Easy Pay, Ongo, MyPay, 2C2P, MyanPay, Banque Pour Le Commerce Exterieur Lao Public, Kasikorn Bank, Moca Technology and Services JSC, LaoViet Bank QR Pay, KiwiPay, Kapao eWallet, Wing, PayGo, Pi-Pay, Smart Luy, DaraPay, ZaloPay, and Viettel Telecommunications.

Key Issues Addressed

  • What is the scope of payments services in CLM and Vietnam? What are the digital payment capabilities in these markets?
  • Who are the key market players and their service offerings?
  • What is the market potential of the payments industry in CLM and Vietnam? What are the investment opportunities for parties interested to invest?
  • What are the risks associated with the implementation of digital payments services? What are the updates on the governing local regulation and standards?
  • Why industry best practices and global based digital payments solutions are needed to grow these mobile payment markets to ultimately achieve a cashless society?

Author: Dewi Rengganis

More Information
No Index No
Podcast No
Author Dewi Rengganis
Industries Telecom
WIP Number 9ABE-00-52-00-00
Is Prebook No
GPS Codes 9702-C1,9705-C1,9657,9838-C1,9A66-C1