东盟数字支付革命：区域一体化的新领域

ASEAN’s Digital PaymentRevolution: A NewFrontier for RegionalIntegration Nur M. Adhi Purwanto and Ying Xu SIP/2026/013 IMF Selected Issues Papers are prepared by IMF staff asbackground documentation for periodic consultations withmember countries.It is based on the information available atthe time it was completed on January 26, 2026. This paper isalso published separately as IMF Country Report No 26/042. 2026FEB IMF Selected Issues PaperAsia and Pacific Department ASEAN’s Digital Payment Revolution: A New Frontier for Regional Integration, ThailandPrepared by Nur M. Adhi Purwanto and Ying Xu Authorized for distribution by Peter BreuerFebruary 2026 IMF Selected Issues Papersare prepared by IMF staff as background documentation for periodicconsultations with member countries.It is based on the information available at the time it wascompleted on January 26, 2026. This paper is also published separately as IMF Country Report No 26/042. ABSTRACT:This study takes stock of recent developments on digital payments in Thailand and ASEAN morebroadly, explores the drivers and the potential benefits, analyzes the factors underlying the frequency of digitalpayment usage, and discusses the relevant policy considerations. ASEAN countries have made significantprogress in developing domestic and cross-border digital payments, in line with initiatives to improve regionalfinancial integration. This analysis provides preliminary evidence of potential benefits of advancing regionalpayment connectivity by increasing local currency usage to strengthen financial resilience and reducevulnerabilities to external shocks. RECOMMENDED CITATION:Purwanto, N. M. A. and Xu, Y. (2026). ASEAN’s Digital Payment Revolution: ANew Frontier for Regional Integration, IMF Selected Issues Paper, Asia and Pacific Department,SIP/2026/013. Washington, D.C.: InternationalMonetary Fund. ASEAN’s Digital PaymentRevolution: A New Frontier forRegional Integration Thailand Prepared by Nur M. Adhi Purwanto and Ying Xu1 THAILAND SELECTED ISSUES ApprovedByAsia and PacificDepartment PreparedbyNurM.Adhi Purwanto and Ying Xu(all APD). CONTENTS ASEAN’S DIGITAL PAYMENT REVOLUTION: A NEW FRONTIER FOR REGIONALINTEGRATION ________________________________________________________________________2 A. Introduction _________________________________________________________________________2B. Digital Payments in ASEAN___________________________________________________________4C. Empirical Analysis: Case of Thailand________________________________________________11D. Conclusions and Policy Discussion_________________________________________________14 FIGURES 1. Payment Digitalization and Financial Inclusion _______________________________________32. Private Fintech Funding and E-Money Payments _____________________________________43. Fast Payments and QR Payments Transaction Volume in ASEAN_____________________64. Cross-Border Payments in Asia_______________________________________________________75. ASEAN Bilateral Cross-Border Payment Linkages_____________________________________86. Growth in Cross-Border QR Payments _______________________________________________87. Recent development on CBDC in ASEAN___________________________________________ 108. mBridge Project ____________________________________________________________________ 109. Cross-Border Payments ____________________________________________________________ 1110. Potential Drivers of Cross-Border QR Payments___________________________________ 12 TABLES 1. National Fast Payment Systems and QR Payment Standards _________________________52. Estimated Coefficients on the Drivers of Cross-Border QR Payments_______________ 13 References____________________________________________________________________________ 16 ASEAN’S DIGITAL PAYMENT REVOLUTION: A NEWFRONTIER FOR REGIONAL INTEGRATION A.Introduction 1.Digitalization has been reshaping the payment infrastructure and supportingproductivity by enhancing its efficiency and inclusiveness, while also introducing newchallenges to financial sector stability in ASEAN. By enabling faster, cheaper, and more securetransfers, digital payments lower frictions, supporting the growth of e-commerce and smallenterprises (Patnam and Yao, 2020). Digitization can enhance tax compliance and transparency,strengthening public revenues. Further, digital payments can foster financial inclusion by expandingaccess to financial services for underserved populations, promoting inclusive growth, andsupporting the transition towards a more productive economy (Demirgüç-Kunt et al., 2022).Increased reliance on digital platforms, however, also introduces operational and cyber risks. While asystem with multiple providers creates fragmentation and raises concerns of interoperability, theconcentration of payment services among dominant providers could pose systemic risks (Copestakeet al., 2025). Understanding these dynamics is essential for designing policies that harness effi