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Integrating Digital Payments in ASEAN: Harmonising Regulations and Strengthening Security for Inclusive Growth

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  • Mahirah Mahusin

    (Economic Research Institute for ASEAN and East Asia (ERIA))

  • Hilmy Prilliadi

    (Economic Research Institute for ASEAN and East Asia (ERIA))

Abstract

The growth of digital payment use in ASEAN has been significant, with digital payments accounting for over 50% of transactions and projected to reach US$416.60 billion by 2028. This expansion supports financial inclusion, enhances e-commerce, and bolsters micro, small, and medium-sized enterprises. However, challenges – such as interoperability, regulatory fragmentation, and data security – persist. ASEAN’s initiatives, including the Declaration on Advancing Regional Payment Connectivity and Promoting Local Currency Transaction, aim to address these issues. This policy brief emphasises the need for harmonised regulations, enhanced cross-sectoral collaboration, and robust security measures to ensure the seamless integration and sustainable growth of digital payments in the region. Latest Articles

Suggested Citation

  • Mahirah Mahusin & Hilmy Prilliadi, "undated". "Integrating Digital Payments in ASEAN: Harmonising Regulations and Strengthening Security for Inclusive Growth," Working Papers PB-2024-13, Economic Research Institute for ASEAN and East Asia (ERIA).
    • Handle: RePEc:era:wpaper:pb-2024-13
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