The Covid-led drop in cash transactions and a shift to mobile payments have driven digital wallet adoption in emerging markets. The FT has a good read with some good, up to date, data.
The growth in payments in emerging markets is due to government efforts to ease access to bank accounts, plus a drop in cash transactions due to the Covid-19 pandemic, and a corresponding shift to mobile payments, according to industry analysts. This shift has been fuelled by “a rising young, aspirational and tech-savvy population and new payment innovations”, says Tareq Muhmood, group country manager for regional south-east Asia at Visa, the card payment company. Such payment technologies include digital or mobile wallets, which securely store payment details and passwords; scannable QR codes that authorise payments, and software that allows smartphones to facilitate contactless transactions.