Payments firm EBANX adds five markets and targets fast-growing, mobile-first economies with high cross-border e-commerce activity
EBANX is expanding its payments operations to Thailand, Indonesia, Malaysia, Vietnam, and Turkey, as global merchants increasingly look beyond saturated markets for growth.
The rollout follows the launch of the company’s Asia-Pacific headquarters in Singapore and brings its regional footprint to seven countries, including India and the Philippines. Together, these markets represent an estimated $610 billion in digital commerce and more than 1.1 billion consumers, based on data from Payments and Commerce Market Intelligence(PCMI) and World Data Lab.
The five newly added countries account for a significant share of that opportunity, with around 386 million consumers. Spending across these markets is expected to nearly double over the next decade, according to World Data Lab projections.
Growth is already visible in digital commerce. Vietnam is projected to expand at a 22% annual rate through 2027, while Indonesia is expected to grow at 19%. Turkey, Malaysia, and Thailand are forecast to see steady mid-teen growth over the same period, according to PCMI estimates.
At the same time, cross-border demand is well established. International transactions make up about 30% of e-commerce volume in Thailand and Malaysia, and close to that level in the Philippines. For many global companies, the question is no longer whether to enter these markets, but how to do so effectively.
“Asia is where the world’s fastest-growing consumer base is, and also where some of the most ambitious digital companies are headquartered,” said João Del Valle, Co-founder and CEO of EBANX. “Our investment in the region allows us to be closer to both. Global companies need local payment infrastructure to reach Asian consumers, and Asian companies need that same expertise to sell internationally. The opportunity runs in both directions.”
One of the main challenges is how people pay. In much of Southeast Asia, cards never became dominant. Instead, consumers moved from cash directly to digital wallets and account-to-account (A2A) payments, such as bank transfers and QR-based methods. These options now account for a large share of online transactions in markets like Thailand and Indonesia, and continue to gain ground elsewhere. For instance, mobile wallets are now the payment method of choice for 83% of Indonesian shoppers and 80% of Malaysians making international purchases.
This shift is closely tied to demographics. Southeast Asia has a young, mobile-first population, and many consumers came online through smartphones rather than traditional banking systems. According to World Data Lab, Generation Z now represents the largest share of online spending in the region.
EBANX said its services are already live in Indonesia, Thailand, and Turkey, with Malaysia and Vietnam expected to follow in the next quarter. Across Asia, the company supports more than 20 payment methods, depending on local market conditions.
