By 2025, more than 50 percent of Asia’s Internet users will use digital financial services, according to UnaFinancial.
It is estimated that by 2027, even the least developed countries in the region will be able to access the Internet and digital technologies by 85% of the population.
The study was conducted in Cambodia. India Indonesia Laos Myanmar, Philippines Sri Lanka It examines the penetration of digital financial services in Thailand and Vietnam.
As the growth of online financial services largely depends on the availability of the Internet, analysts are the first to predict Internet penetration for each country.
Depending on the age structure of the population, the penetration rate can be as high as 81-85%.
Internet penetration rates have taken into account the past few years, as well as the government’s efforts to digitalize and the impact of Covid-19.
Analysts say that by 2025, Thailand, Vietnam Indonesia Philippines Cambodia India and Sri Lanka are projected to achieve 81-85% internet penetration.
The other two, Laos and Myanmar, will reach that level by 2027.
Experts estimate the penetration rate of digital financial services based on the highest internet penetration rate for each country.
The forecast is based on the share of the country’s population of people with online accounts and the number of stakeholders that have increased in recent years.
Between 2025 and 2027, more than 50 percent of Internet users in most countries will use digital financial services. India Thailand In the Philippines and Indonesia, the penetration rate of financial services will increase from 62% to 69%. Meanwhile, Cambodia, Compared to Laos and Myanmar, it will be less. In those two countries, the development of online financial services could be accelerated if the government combined the framework for digital technology development and the enhancement of digital and financial literacy.