E-wallets are currently the fastest growing payment method in the world with Asia leading the way. That is the information given in the latest report of Worldpay payment processing company (USA).
Currently, e-wallets account for 50% of e-commerce purchases and 30% of in-store purchases in the world in 2023. The total transaction value is 14,000 billion USD and this number is expected to increase. 25,000 billion USD by 2027.
Mr. Phil Pomford, an expert at Worldpay, commented that in addition to the convenience factor, biometric technology in e-wallets allows payment using just your face or fingerprint, thereby bringing a sense of safety and security. .
Alipay e-wallet is used at a store in Shanghai City – China Photo: REUTERS
According to the report, consumers in Asia-Pacific use e-wallets the most, accounting for 70% of online transactions and 50% of in-store transactions here last year, with a total spend of nearly 10,000. billion USD.
China is the world’s leading country in using e-wallets with 82% of e-commerce spending and 66% of in-store purchases, with a total transaction value of about 7,600 billion USD. In India, e-wallets continue to be the main payment option, expected to account for more than 70% of total sales by 2027.
The report also notes that credit cards still dominate in developed economies, such as Japan, Korea… However, developing economies prefer e-wallets.
In Europe, according to the report, e-wallet spending only accounts for 30% of e-commerce transactions and 13% of in-store payments. These two rates in the US are 37% and 42% respectively. Worldpay’s report is based on a survey in 40 markets in Asia-Pacific, Europe, the Middle East, Africa, and the Americas.