breaking news Commentary: Southeast Asia still wants to pay with cash, even after pandemic - Business News lastminute news
There are other patterns of cash-based usage, some of which are counter-intuitive. Primarily, Vietnam saw a dramatic increase in cash transactions in 2020
There are other patterns of cash-based usage, some of which are counter-intuitive. Primarily, Vietnam saw a dramatic increase in cash transactions in 2020 even as COVID-19 forced a massive lockdown, but went down in 2021 when mobility restrictions were eased .
Overall, the sector paints a highly mixed picture, confusing the broader perception that cash is on a one-way path of inevitable decline, accelerated by COVID-19.
As the authors of the CPA Australia report note, “Cash sales are very important to many businesses in this sector. Businesses [across the Asia-Pacific] were actually more likely to receive 50 percent or more of their sales in cash in 2021 than in any year since 2017.
In short, cash isn’t going away anytime soon. In fact, many firms in Southeast Asia have now switched back to cash payments, as the pandemic eases. Similar patterns are visible in other parts of the Asia-Pacific, with countries such as India, China and New Zealand also reporting increased cash usage in 2021 compared to 2020.