Analysts of Robocash Group have revealed that the total volume of payments in Southeast Asia (SEA) will grow 86 percent to reach $53.9 trillion by 2027.

Vietnam and Indonesia will account for the largest shares in this figure, Robocash said in a statement on Wednesday.

According to the statement, Vietnam is expected to grow the most – by 152 percent to $21.5 trillion, while surpassing Indonesia with its $18.3 trillion.

Singapore will be the second fastest growing country in these terms. Its payment volumes will rise by 68 percent and reach $1.7 trillion in 2027.

It is noted that analysts considered payments by bank cards, bank transfers, electronic money and cash.

The total amount of payments made in the Philippines, Singapore, Malaysia, Indonesia, Vietnam and Thailand in 2022 by physical and legal entities amounted to $29 trillion, which is two times more than in the previous decade, said Robocash.

This value is higher than the gross domestic product (GDP) of the United States or China, and is also comparable to 29 percent of the total global GDP in 2022.

Analysts of the group explained that one of the reasons for rapid growth in SEA’s payment transactions recently is the boost of digital technologies caused by the Covid-19 pandemic.

According to the analysts, from 2020 to 2022, the amount of payments in SEA increased by 45 percent.

They also noted there is strong support from the state. “Each country in the region has its own national digitization programs, which include the digitization of payments,” they said.

They also said that as of 2022, the total volume of private domestic and foreign investments in the fintech payment infrastructure of SEA amounted to about $60 billion.

They highlighted that $26.5 billion of this amount was invested between 2021 and 2022.

They also said the biggest share in the volume of payments in 2022 was made by Vietnam and Indonesia – 29 percent and 39 percent, respectively.

This can be explained by the amount of money in circulation and its value against the US dollar.

Robocash: Singapore tops the digitalization ranking in SEA with 1588 points