
GlobalData has announced that the adoption of digital wallets and contactless card-based payments by retailers in developing countries across Asia-Pacific is likely to rise further and become a standard.
Paytm emerges as a popular digital wallet in India with over 200 million users. It can be used for payments across all major stores, online retailers, utility bills, and metro cards, as well as auto rickshaws and food stalls. The wallet’s balance can be topped up via credit or debit cards, as well as through online bank transfers. It can also be integrated with most point of sales (PoS) solutions.
The trend towards cashless payments is not limited to India. However, other countries use different approaches. For example in China, many consumers prefer to use the all-round app WeChat for payments. It offers in-app and web-based payments, as well as options for splitting bills and paying friends and family members without any hassle. In Europe, Swedish mobile payments company iZettle offers a mobile card reader which is a popular choice among several smaller retailers, cafes and restaurants. Unlike Paytm and WeChat, it is primarily aimed at contactless debit and credit card payments, although it also offers traditional chip and PIN. iZettle also offers an e-commerce platform that small retailers can set up with minimal effort.
Andreas Olah, Lead Analyst for Digital Retail, GlobalData, says, “As the Indian government launched a demonetization program, consumers were forced to use electronic payments, though cash did not completely disappear. As a result, all types of retailers understood the need to offer cashless payment methods to remain competitive.”
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