![]() ![]() This sector has great opportunities to flourish.Ĭhina is setting an example of successful adoption of e-wallets, comprising a 50% share for the entire global mobile wallet market. E-wallets also facilitate global commerce, allowing transactions to occur in real-time. Initiatives such as open banking have influenced technology-friendly regulatory shifts that make it easier for companies to offer e-wallet to consumers. ![]() Research suggests that Smartphone users in the Asia Pacific region will display an increasingly stronger preference for mobile payments as compared to the worldwide average. Major countries of the Asia Pacific region such as China, Japan, India, and Malaysia are converting into cashless economies and are evolving into the global leaders of the e-wallet market for many reasons such as government support and advocacy of cashless transactions and the rising popularity of business models (such as rideshare) that rely upon this technology. The mobile payment sector has gained huge popularity in Asia, the most populous region of the world, and the trend shows no indications of slowing down. In some markets, the popularity is due to the ability of the consumer to use cash to top up, skirting the use of the banking system altogether, which allows them to avoid an institution they don’t trust to begin with.īelow, we’ll break down in more detail what’s causing the rise in e-wallets in Asia, and how global merchants can avoid losing market share to competitors by taking a more local approach to their payment method portfolio. It allows ease of transactions without needing to wait for changes in policies which will allow for other means of payments (Credit cards, etc) to become more mainstream. The increase of popularity of wallets is no different. The APAC region has always had to be innovative, whether through lack of funding or slow regulation. PayPal or WeChat Pay) are replacing cash or paper money on a global scale, allowing customers to make payments by connecting the e-wallets with customers’ bank accounts. ![]()
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