China and India Lead the Move to Digital Wallets

(TheConservativeTimes.org) – Digital wallets are currently the fastest-growing payment method, especially with talks of moving away from cash and even debit cards. The countries leading the move to digital wallets, according to the latest report from Worldpay, are India and China.

Digital wallets have accounted for fifty percent of global e-commerce purchases, and thirty percent came from in-store purchases for last year. This accounted for fourteen trillion dollars in transactions, but this number is expected to grow to twenty-five trillion dollars by 2027. Asia-Pacific customers are the biggest users of digital wallets.

Phil Pomford, general manager for Worldpay’s e-commerce team in the Asia-Pacific region, spoke out about the growing popularity of these digital payment methods in the area.

“Apart from convenience, the biometric technology in a digital wallet that enables payment only with your face or thumbprint gives a larger sense of safety and security,” said Pomford

“Clearly your phone can get stolen, but nobody can use your card without facial recognition, but your physical card can be stolen and used through contactless payment,” he added.

Digital e-commerce payments for the Asia-Pacific area are expected to grow to over seventy percent by 2027. China was the global leader as over eighty percent of e-commerce spending was done digitally.

According to the report, “China’s payment market is overwhelmingly led by three ubiquitous payment brands: the digital wallets Alipay and WeChat Pay, and the card network UnionPay.”

Pomford said, “Many people in China no longer have a physical wallet in hand and they leave the house only carrying their mobile phone.” He continued to explain that a lot of these areas are unbanked so having the digital option made sense and took off quickly in these areas.

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