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Embracing Cross-Border Digital Payment in Southeast Asia: Current Development and Future Outlook

In: Future of Economy in Asia

Author

Listed:
  • Abu Amar Fauzi

    (National Research and Innovation Agency)

  • Lufi Yuwana Mursita

    (Universitas Hayam Wuruk Perbanas)

  • Nazlida Muhamad

    (Prince Sultan University
    UBD School of Business and Economics, Universiti Brunei Darussalam)

  • Margaret L. Sheng

    (National Taiwan University of Science and Technology)

Abstract

The adoption of digital payments within individual Southeast Asia (SEA) countries has been progressive. However, the action toward cross-border expansion remains in its early stages. Using a narrative review approach, which includes an analysis of peer-reviewed journal articles, industry reports, government news and press releases, and reputable press publications, this chapter examines the current state of cross-border digital payment developments in the region and offers a forward-looking perspective. Nowadays, cross-border digital payments in the SEA region have been achieved through bilateral partnerships and regional-level initiatives led by the private sector; the progress marks a significant milestone in extending services to more regional countries. On the one hand, government efforts, market growth, technology penetration, and advancement of the financial industry have been the enabling factors of cross-border digital payment. On the other hand, several challenges are identified, including interoperability, regulatory frameworks, fraudulent activities, currency, speed, and digital divide issues. In practical terms, investment in technology, regulatory compliance and harmonisation, user education and support, cooperation and collaboration, localisation, personalisation, continuous improvement, building trust, and consumer protection are essential future endeavours for advancing cross-border digital payment in the SEA region.

Suggested Citation

  • Abu Amar Fauzi & Lufi Yuwana Mursita & Nazlida Muhamad & Margaret L. Sheng, 2025. "Embracing Cross-Border Digital Payment in Southeast Asia: Current Development and Future Outlook," Springer Books, in: Evan Lau & Weng Marc Lim & Huey Fen Cheong (ed.), Future of Economy in Asia, chapter 6, pages 107-124, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-95500-6_6
    DOI: 10.1007/978-3-031-95500-6_6
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