DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.19March2019AsiaPacific/SingaporeEquityResearchConsumerInternetASEANInternetSectorTheCreditSuisseConnectionsSeriesleveragesourexceptionalbreadthofmacroandmicroresearchtodeliverincisivecross-sectorandcross-borderthematicinsightsforourclients.ResearchAnalystsVarunAhuja,CFA6562123017varun.ahuja@credit-suisse.com(AsiaInternetandTelecom)AshishGupta912267773895ashish.gupta@credit-suisse.com(HeadofAPACFinancialsResearch,India)AtulSethi6626146211atul.sethi.2@credit-suisse.com(ThailandFinancials)DanieloPicache6328587758danielo.picache@credit-suisse.com(ThePhilippinesFinancials)DannyGoh60327232083danny.goh@credit-suisse.com(MalaysiaandSingaporeFinancials)LaurensiusTeiseran622125537931laurensius.teiseran@credit-suisse.com(IndonesiaFinancials)NicholasTeh6562123026nicholas.teh@credit-suisse.com(SingaporeFinancials)RikinShah6562123098rikin.shah@credit-suisse.com(VietnamFinancials)WarayutLuangmettakul6626146214warayut.luangmettakul@credit-suisse.com(ThailandConsumers)CONNECTIONSSERIESe-Payments:'tech'-ingawaythecashFigure1:e-PaymentGTVinASEAN-6toreachUS$130bnby2023ENote:GTVisGrosstransactionvalue;Consumermarketincludes–Offlineretailandinterneteconomy.Source:ATKearneyGDRI2017,eMarketer,Worldpay,GoogleTemaseke-conomySEA2018,,CreditSuisseestimate■Cashis~73%ofASEAN-6’sconsumereconomy.ConsumercashusageislargelyhighintheASEAN-6onpoorpaymentinfrastructure.Advancesinmobiletechnologyalongwithgovernmentpushandtech/privateequityinvestmentshaveledtoasurgeine-paymentservicesoverthepastfewyears.Inthisreport,welookatprogressofe-paymentinASEAN-6,highlightcompanystrategiesand...
