Asia favors e-wallets

Currently, e-wallets account for 50% of e-commerce purchases and 30% of in-store purchases worldwide in 2023. The total transaction value is 14,000 billion USD and this number is expected to increase to 25,000 billion USD by 2027.

Mr. Phil Pomford, an expert at Worldpay, commented that in addition to convenience, biometric technology in e-wallets allows payment with just face or fingerprint, thereby bringing a sense of safety and security.

Alipay e-wallet used at a store in Shanghai, China Photo: REUTERS

According to the report, consumers in Asia-Pacific used e-wallets the most, accounting for 70% of online transactions and 50% of in-store transactions there last year, with total spending of nearly $10 trillion.

China leads the world in digital wallet usage, with 82% of e-commerce spending and 66% of in-store purchases, totaling around $7.6 trillion. In India, digital wallets continue to be the primary payment option, expected to account for more than 70% of total sales by 2027.

The report also noted that credit cards still dominate in developed economies, such as Japan, South Korea, etc. However, developing economies prefer e-wallets.

In Europe, according to the report, spending via e-wallets accounts for only 30% of e-commerce transactions and 13% of in-store payments. In the US, these two rates are 37% and 42%, respectively. Worldpay's report is based on a survey of 40 markets in Asia-Pacific, Europe, the Middle East, Africa, and the Americas.

Source: https://nld.com.vn/chau-a-ua-chuong-vi-dien-tu-196240614211711788.htm