Digital wallets continue to displace cash; data shows opportunities in Malaysia, Thailand

Singapore

REGIONAL digital wallets, such as GCash, GrabPay and OVO, are expected to see continued growth in usage at the expense of cash, according to a recent report by Worldpay. But adoption also varies quite widely from one market to the next, suggesting untapped opportunities for fintechs.

Statistics from Worldpay, a merchant acquirer that is part of Fidelity National Information Services, found that digital wallets have continued to grow in usage on e-commerce sites and point-of-sales (POS) systems in the Asia-Pacific region, skewed by Chinese consumers' overwhelming preference for the payment method.