TL;DR
The Market in 2026: Cards Are Not Enough
Southeast Asia is not a single payment market. It is six distinct markets, each with its own dominant rails, wallet ecosystems, and consumer preferences. What unifies them is a structural shift: government-built real-time payment systems and mobile wallets have overtaken cards as the primary way consumers pay.
Indonesia's QRIS processed 18.2 billion payments worth $39.4 billion in 2025, a 47% increase year over year [1]. Thailand's PromptPay handles over 74 million transactions daily [2]. In the Philippines, GCash serves 94 million users and moves approximately $9.3 billion monthly [3]. Singapore's digital wallets overtook debit cards as the leading point-of-sale payment method in 2025 for the first time [4].
For international businesses selling into these markets, the implication is operational: supporting only international card networks means you are accessible to fewer than 15% of potential customers in most ASEAN markets [2]. A payment gateway that integrates local methods alongside cards is not optional. It is the price of entry.
Singapore: PayNow, Wallets, and Cross-Border Connectivity
Singapore's digital payments market is projected to expand at 18.3% CAGR to reach $480.6 billion by 2030 [5]. Cards remain strong (44% of e-commerce value in 2025), but the shift is toward real-time payment rails and wallets.
PayNow is Singapore's real-time transfer system. Users send money instantly using mobile numbers or UEN (Unique Entity Numbers). PayNow is now connected cross-border to India's UPI (operational since July 2025), Thailand's PromptPay, Malaysia's DuitNow, and Indonesia's QRIS. Real-time payments are projected to boost Singapore's GDP by S$793.2 million in 2026 [5].
GrabPay holds 35.3% of Singapore's digital wallet market share [4]. DBS PayLah!, ShopeePay, Apple Pay, and Google Pay fill the rest. Wallet payments make up approximately 11% of e-commerce transactions in 2026 [5].
SGQR unifies all QR payment schemes under a single merchant code. Over 30 digital payment schemes are supported, allowing consumers to scan one code and choose their preferred app [6].
For international businesses: PayNow is the essential integration for Singapore. Cards remain important for higher-value transactions. GrabPay and DBS PayLah are the default wallet tier. For more on how PayNow works in an international payment gateway, including the UPI-PayNow cross-border link, see our Singapore payments blog.
Thailand: PromptPay Dominates
Thailand has the most dominant state-built payment rail in Southeast Asia. PromptPay, overseen by the Bank of Thailand, is the country's most common payment method. A2A payments accounted for 44% of e-commerce value and 43% of POS value in 2025, the highest A2A share of any SEA market [2].
PromptPay has 74 million registered users and processes over 74 million transactions daily [2]. P2P transfers are free. Merchant acceptance is nearly universal, embedded in every domestic bank app. Thailand's mobile payments market is estimated at $34.08 billion in 2026, growing at 14.62% CAGR through 2031 [7].
TrueMoney holds approximately 16.8% wallet market share with 39,000 agent outlets serving unbanked populations. Rabbit LINE Pay integrates with Bangkok's BTS transit system. ShopeePay covers e-commerce checkout. GrabPay ties into ride-hailing and food delivery.
Cross-border: PromptPay connects to Singapore's PayNow, Malaysia's DuitNow, Indonesia's QRIS, and Vietnam's VietQR.
For international businesses: PromptPay is mandatory. Without it, you lose access to the 44% of e-commerce value flowing through A2A payments. TrueMoney adds reach into rural and underbanked segments. For a deeper look at how PromptPay works in an international payment gateway, including checkout integration and authorization flows, see our dedicated Thailand payments blog.
Indonesia: Three Wallets and QRIS
Indonesia is Southeast Asia's largest payment market and the only major SEA market with three dominant wallet players. Cash share of POS value halved from 77% in 2019 to 36% in 2025, driven almost entirely by QRIS and BI-FAST [4].
QRIS (Quick Response Code Indonesian Standard) is the national interoperable QR standard launched by Bank Indonesia. It processed 18.2 billion payments worth $39.4 billion in 2025, up 47% year over year [1]. Over 40 million merchants and 57 million users are connected. 92% of QRIS merchants are micro and small businesses [2].
GoPay holds approximately 32% wallet share. DANA holds 28%. OVO holds 23%. ShopeePay is the fourth player. Together they cover the majority of Indonesian digital payment volume [8].
For international businesses: A single QRIS integration theoretically reaches all wallets. However, for online and e-commerce payments, direct wallet integrations (GoPay, OVO, DANA) typically deliver better conversion and richer data [9]. The best approach combines both. For more on how DANA works within an international payment gateway, see our dedicated Indonesia payments blog.
Malaysia: DuitNow and Touch 'n Go
Malaysia has the highest digital payment adoption in SEA at over 80% [4]. The infrastructure runs on DuitNow, the state-built A2A rail operated by PayNet.
DuitNow QR has reached 2.6 million merchant acceptance points [4]. A2A payments are projected to reach 40% of online value and 16% of POS value by 2030 [4].
Touch 'n Go eWallet evolved from highway toll payments into a versatile digital payment platform supporting retail, bills, and cross-border QR transactions with Singapore. GrabPay holds 38.3% of Malaysia's digital wallet market share [4]. Boost and ShopeePay fill the second tier.
FPX remains Malaysia's primary online bank transfer rail, widely used for e-commerce checkout, particularly for higher-value transactions.
Cross-border: DuitNow connects to Singapore's PayNow, Thailand's PromptPay, and Indonesia's QRIS. Malaysia is among Project Nexus's five founding member systems.
For international businesses: DuitNow QR plus Touch 'n Go eWallet first. ShopeePay for Shopee-anchored merchants. FPX for high-value e-commerce transactions.
Philippines: GCash and the Cash-Digital Split
The Philippines has the most interesting dual dynamic in SEA: massive digital wallet adoption coexisting with persistent cash usage. Digital wallets captured 41% of e-commerce value and 29% of POS value in 2025, but cash still accounts for 42% of in-store value [4].
GCash dominates with 94 million users connected to over 6 million merchants. GCash now moves approximately PHP 500 billion ($9.3 billion) monthly [3]. It delivers welfare payouts, subsidies, and remittances, serving as the primary financial interface for populations with no bank account.
Maya (formerly PayMaya) targets younger users with integrated savings, credit, and payment features. ShopeePay covers Shopee's e-commerce ecosystem. InstaPay and PESONet are the real-time and batch interbank transfer rails. For a deeper dive into Philippines payment infrastructure, including Dragonpay, GCash integrations, and InstaPay capabilities, see our dedicated Philippines payment methods blog.
QR Ph is the national QR standard, though adoption trails behind QRIS and PromptPay in merchant coverage.
For international businesses: GCash is non-negotiable for the Philippines. Maya as a secondary integration. InstaPay for bank transfers. Cash-on-delivery capability is still necessary for a meaningful share of e-commerce orders.
Vietnam: MoMo, VietQR, and the Cash-on-Delivery Challenge
Vietnam has approximately 41% digital payment adoption, led by MoMo with over 40 million users growing at 18% year over year [3]. The market is moving fast, but cash-on-delivery still accounts for 16% of Vietnamese e-commerce by value [8].
MoMo is the dominant wallet, offering payments, transfers, bill payments, insurance, and financial services. ZaloPay is the essential second wallet, built into the Zalo super-app. ShopeePay anchors e-commerce payments.
VietQR is Vietnam's national QR standard, connecting to Thailand's PromptPay, Laos's Lao QR, and Cambodia's KHQR. Indonesia and Malaysia linkages are in development [8].
For international businesses: MoMo is the must-integrate Vietnamese rail. ZaloPay is the essential second integration. Cash-on-delivery orchestration remains necessary for a meaningful share of online orders.
Cross-Border QR: The Infrastructure Connecting SEA
The most significant development in Southeast Asian payments in 2025-2026 is the linking of national QR systems across borders. Five ASEAN countries have now connected their QR payment schemes, enabling a Filipino tourist in Bangkok to pay with GCash, or a Thai traveler in Singapore to use PromptPay [6].
The connections currently operational or in advanced pilot include: Singapore PayNow ↔ Thailand PromptPay, Singapore PayNow ↔ India UPI, Singapore PayNow ↔ Malaysia DuitNow, Indonesia QRIS ↔ Thailand PromptPay, Indonesia QRIS ↔ Malaysia DuitNow, and Vietnam VietQR ↔ Thailand PromptPay [8].
Project Nexus, headquartered in Singapore since March 2025, is a multilateral initiative by the Bank for International Settlements (BIS) to create a platform linking real-time payment systems across borders. Indonesia, Malaysia, Singapore, Thailand, the Philippines, and India are founding members. The platform is expected to go live in 2026, enabling cross-border payments from sender to recipient within 60 seconds [10]. A tender for a technical operator launched in April 2025, and the ECB has joined as a special observer with potential to become a participant [10].
For businesses with regional supply chains or customer bases, this cross-border QR interoperability changes treasury management and payout infrastructure fundamentally. Intra-ASEAN B2C and B2B payments are moving toward near-instant settlement at a fraction of traditional correspondent banking costs. For businesses also operating in East Asian markets (China, Japan, South Korea), the payment landscape is equally wallet-driven but with different dominant players. See our East Asia digital wallets guide for the equivalent breakdown.
What International Businesses Should Do
Three priorities for payment acceptance strategy in Southeast Asia:
First, integrate country-specific methods. A gateway that only offers Visa and Mastercard will capture cards (20-50% of volume depending on market), but miss the e-wallets and A2A payments that dominate each market. At minimum, support the top method per country: PayNow (SG), PromptPay (TH), QRIS (ID), DuitNow (MY), GCash (PH), MoMo (VN).
Second, differentiate between QR and direct wallet integration. National QR standards (QRIS, PromptPay) provide breadth. Direct wallet integrations (GoPay, GCash, TrueMoney) provide depth. For e-commerce, wallet-level integration often delivers higher conversion and richer transaction data.
Third, plan for cross-border QR. As ASEAN QR interoperability matures, consumers from one SEA country will increasingly pay in another using their home wallet. Your gateway needs to accept these cross-border QR payments alongside domestic methods.
Sources
[1] Bank Indonesia. "QRIS Transaction Statistics 2025." Reported in Mordor Intelligence Mobile Wallet Market Report, February 2026. https://www.mordorintelligence.com/industry-reports/mobile-wallet-market
[2] Digital in Asia. "How Do Digital Payments Work in Southeast Asia in 2026?" June 2026. https://digitalinasia.com/how-digital-payments-work-in-southeast-asia/
[3] Digital in Asia. "What is the State of Digital Payments in Southeast Asia in 2026?" May 2026. https://digitalinasia.com/digital-payments-southeast-asia-ecommerce/
[4] Fintech Singapore / Worldpay Global Payments Report 2026. "Southeast Asia Payment Methods in 2026." April 2026. https://fintechnews.sg/128337/e-commerce/southeast-asia-payment-methods-2026-global-payments-report/
[5] 2C2P / PwC. "Payments' State of Play 2026: Singapore." 2026. https://2c2p.com/articles/singapore-payment-methods/
[6] Kadence. "Southeast Asia's Wallet Wars Are Shaping a New Consumer Economy." September 2025. https://kadence.com/en-us/knowledge/southeast-asias-wallet-wars-are-shaping-a-new-consumer-economy/
[7] Mordor Intelligence. "Thailand Mobile Payments Market Report." January 2026. https://www.mordorintelligence.com/industry-reports/thailand-mobile-payments-market
[8] Digital in Asia. "State of Digital Payments Across Asia: A 15-Market Tracker." May 2026. https://digitalinasia.com/asia-digital-payments-tracker/
[9] dLocal. "Digital Wallets in Southeast Asia: Methods, Markets & E-Commerce Guide." June 2026. https://www.dlocal.com/blog/guides/digital-wallets-in-southeast-asia-methods-markets-e-commerce-guide/
[10] BIS Innovation Hub. "Project Nexus: Enabling Instant Cross-Border Payments." https://www.bis.org/about/bisih/topics/fmis/nexus.htm / MAS. "Project Nexus Completes Comprehensive Blueprint for Connecting Domestic Instant Payment Systems Globally." July 2024. https://www.mas.gov.sg/news/media-releases/2024/project-nexus-completes-comprehensive-blueprint-for-connecting-domestic-ipses-globally
.png)
