ELECTRONIC payments giant PayPal sees the potential to dominate the Southeast Asian market as more self-employed workers prefer digital platforms for money transfers.
“Southeast Asia is a key market given the region’s growing population and increasingly vibrant entrepreneurial economy. We are seeing more young people choosing to freelance as being your own boss offers more autonomy and flexibility than a nine-to-five job,” Rahul Shinghal, managing director of PayPal Southeast Asia and head of Merchant Support for PayPal APAC, said in a statement.
Citing data from the “Global Freelancer Survey,” PayPal said its platform was widely used by freelancers in Singapore (76 percent), Indonesia (88 percent), and the Philippines (92 percent).
The study noted that while domestic clients opt for bank transfers, an average of 76 percent of payments from international clients was made via PayPal.
PayPal said this boom in the region’s online payments market could be attributed to its “divisions in geography as well as within [its]financial services landscape.”
Shinghal said last year the group considers the Philippines as its “fastest growing market” in Southeast Asia and the second largest market in the region given its “large proportion of freelancers in the world.”
Based on data from the Department of Information and Communications Technology, which PayPal cited, the country now has around 1.5 million freelancers.
PayPal currently has 195 million consumers globally, of which 14 million are in the Asia Pacific.