Western financial companies that have long dominated payment markets are now facing competition from technologically innovative start-ups in fast-growing emerging markets. Some are “leapfrogging” the payment infrastructure of those in the developed world, having adapted to the internet age more quickly.
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Emerging markets ‘leapfrog’ the west in digital payments race
“For many people in emerging markets, mobile wallets are perhaps the first cashless instrument that they have ever used,” says Sampath Sharma Nariyanuri, a fintech analyst at S&P Global Market Intelligence.
