Digital payments in Southeast Asia: Identifying consumer behaviors
- Finance & Banking
Increasingly, marketers and comms professionals are using signals from social & audience data to make strategic decisions with confidence. In an increasingly accelerating world, social and audience data can provide a more accurate and up-to-date picture of customer sentiment than traditional surveys or focus groups.
Because this data can be collected and analysed in real-time, it can help businesses make decisions more quickly and effectively. This information can be used to improve marketing campaigns, inform product development, orient customer service, and identify potential market opportunities.
Digital payments taking over Southeast Asia
Mobile-payment wallets, buy now pay later (BNPL) schemes, and digital commercial transactions have taken the Southeast Asian payments sector by storm. But where next for this groundbreaking technology? Have digital payments and BNPL become part of the social fabric of consumers in Southeast Asia?
Using Pulsar, we have defined the separation between something viral and something truly growing in momentum to effect behavioural change. We’ve harnessed these social data signals in our Virality Model formulas to measure how a trend has behaved so far and developed how it might look in the future.
High levels of inflation (>2%) have returned amid a gloomy and uncertain economic outlook. While the business and consumer confidence levels have been increasing since the recovery after the onset of the pandemic, the inflation rates of Malaysia and Philippines are trending upwards, and as a result, confidence levels have been impacted by the higher costs and prices.
A change of consumer behaviour and lifestyle
Gen Z is leading the online conversations about digital payments in Malaysia and Philippines. Most of the conversations are based in the capital cities of Kuala Lumpur and Manila given the mass acceptance of digital payments there.
Linking social data signals with your consumers
So what does this mean for digital payment providers? As more consumers become more adept at understanding the digital finance landscape, organisations need to recognise different consumer needs while communicating with them through customised messaging.
To learn more about the social data signals in the digital finance ecosystem, read our report on how consumers in Malaysia and the Philippines behave in the space and also find out how the industry overcomes the challenges of monetisation, profitability, and a crowded field of competitors.
