Despite the country's growing e-commerce and digital payment market, it struggles to establish universal cashless transactions due to limited internet access, low financial literacy, and a preference for cash transactions, says ZALORA report. READ:
Despite the country's growing e-commerce and digital payment market, it struggles to establish universal cashless transactions due to limited internet access, low financial literacy, a large informal economy, and a preference for cash transactions, according to the ZALORA report.
They should improve the infrastructure, enhance financial education and promote the benefits of cashless payments to encourage greater adoption in the future. “Despite the positive outlook, the payment landscape in Southeast Asia remained incredibly fragmented," observed Achint Setia, ZALORA chief revenue and marketing officer.
“Even from an offline market and building trust, it's tricky with so many different segregated and fragmented islands.” “If brands can reduce the time from carts to final payment in just one or two clicks, and also build comfort among customer in refunding their money; if they can do it consistently and repeatedly, then they will trust your returns and refund policy and some of these challenges can be overcome,” he underscored.
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