How is Southeast Asia’s acceptance towards mobile wallet intervention?

Living without cash might sound cool and futuristic to those who anticipate. Less fortunately, going cashless sounds a bit fast forward to some parts in Southeast Asia. Even some big shops in main cities could not process payment by card for any purchase below US$12. Going through this kind of experience, we might need to bring our bag of coins and cash around for at least five years more. We are in the position which is still unready.

This thought came to mind when there are ride-hailing apps that accept payment via mobile. They kept the information on the mobile with tokenization and we don’t need to insert the same details each time we ride. Thus, the expectation could be high for malls or restaurants because why not? Ride-hailing services come later, so nothing is wrong with expecting that they also have that kind of payment processor or at least able to process any payment with no minimum amount.

We could see some signboards like Alipay and Samsung Pay around these days. It is somehow restricted to certain people and places. When there are these kind of payment modes, how much memory should you have on phone to spend at your favorite shops or random shops that you see around? You will not have time to download or register for that on the spot. These doubts again make us want to go back to cash so that we would not have to cancel the purchase, go to ATM, put the items into the cart again and pay at the counter after an hour.

Knocked down by the reality, everyone has their own preferences when it comes to making payment. To youngsters, tap and go would be the easiest and fastest. To the middle-aged, inserting the card into the payment processor would be secure enough for a faster alternative. As for old generation, no need to say more, it is enough to have just cash and coins in their lives. There is no force to make them shift as they have lived with cash at least half of the century.

That’s it and those are why many businesses start offering more payment options in their business. For example, making cash available online for people who prefer to pay cash (MOLPay) for online purchases, especially for youngsters and elders who are new to online shopping. Adding the advanced and upgraded kind of POS terminal for a group of young adults. As for physical shopping, one thing for sure, they accept cash. More options than that are still unconvincing to state.

We can say that there is no inclusivity in payment. By that means, we can take digital wallet slowly but surely. The most important thing is to make sure any companies do not put any limits to card purchases, it lags few years back already. The payment technology that we have should be able to prepare ourselves in the next payment invention. But, we still can sense a slight dilemma on the electronic and online payment modes that we have, not to mention mobile wallet.

With rapid growth trend nowadays, we might see more than what we expected. Our lives might as well depend 100% on the digital screen faster than what we imagine now. No more leather purse which was once one of the precious items you were proud having. At that time, you might be proud of having leather phone casing that can penetrate to the NFC behind your phone.

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