Between 2016 and 2017, cashless payments in Southeast Asia’s booming events industry grew by more than 380%. Both event attendees and event organizers have benefitted from the increased efficiencies that the technology brings, but with market penetration under 30% there is still incredible potential for further growth.
Blocnation is opening cashless payment benefits to the region by leveraging its relationship with PouchNATION, Southeast Asia’s leader in offline cashless payments and brand activations in events, and the Komodo Platform, oneof the pioneering decentralized Blockchain tech providers in the world.PouchNATION’s niche market of events and venues, will over time, be used to power the under banked emergingmarket in Southeast Asia with the Blocnation App.‘Blockchain’s business value-add will grow to $176 billion by 2025.’
Emerging markets, like those in Southeast Asia, have the most togain from blockchain technology, especially in the financial sector.“Only 27 percent of Southeast Asia’s population have a bank account. That’s some 438million unbanked. In poor countries like Cambodia, this number falls to just 5 percent.’
2. Today, 73% of the 640 million people in Southeast Asia do not have bank accounts and only 10% are eligible to holdcredit cards. Conversely, according to research firm GfK, mobile phone connection (124) is actually higher than theglobal average of 103 percent. This presents incredible opportunities to provide financial solutions on mobileplatforms for people that are underserved by traditional systems. While PouchNATION as a platform only caters to a niche group in this massive market, it provides a strong go tomarket strategy by introducing cryptocurrency and blockchain technology via its offline cashless payment solution.Whilst attention is initially focused on Southeast Asia’s event and venue community, the broader mission of Blocnationis to support people and industries across the whole region, eventually providing financial services to anyone,anytime, anywhere in the world.Growth projections show Southeast Asia’s current $50 billion in Gross Transaction Volume (GTV) increasing to $220billion by 2022. With a partnership with market leaders PouchNATION, this places Blocnation in a unique position toestablish itself as one of the first cryptocurrencies and wallets widely available in the region.Full anonymity paired with swift and secure payment protocols, made possible by Komodo’s robust platform, providesan opportunity for PouchNATION to improve its cashless payments capabilities.