Summary

This report explores the cashless payment environments in key Asia Pacific and Western markets. It considers how payment cards and mobile payments are faring in both regions as well as how trends will develop in the future.

The depth of internet connectivity and smartphone penetration in many markets means it can be very easy to drive adoption of cashless payments, but the path to moving away from cash has become very different between markets. Cashless payments in most developed markets are still focused on payment cards, while in a lot of developing markets consumers are leapfrogging from cash to mobile payments. Compared to when payment cards were first introduced, the options for cashless payments and the situation of each market are so different that there can be no one-size-fits-all approach. And in some markets, the move to drive consumers to reduce the use of cash has reached a bottleneck.


Scope

  • In markets where there is a large financially underserved segment, mobile wallets have proved an efficient way of providing access to banking and payment facilities.
  • In such markets, internet infrastructure is crucial to ensuring financial inclusion for this segment of society, which in turn will increase the cashless payment rate in the market.
  • Markets with smaller populations can learn from the cashless progression of countries like Sweden and adopt some of the steps they have taken. Linking up a national ID, bank account, and mobile phone number as part of a mobile payment system is a smart and efficient way of implementing a wider national cashless payment system.




Reasons To Buy

  • Understand the cashless payment journey in different regions
  • Learn how the cashless payment environment differs between markets in Asia Pacific and the West
  • Discover how the cashless payment situation will evolve in the near future