Digital payments in southeast Asia, home to some 630 million people, may reach $62.3 billion this year, according to the research firm Statista. China stands as a looming reminder of what happens when banks don’t respond quickly enough. Alipay and an offering from Tencent carved up more than 90% of the country’s $5.5 trillion mobile payments market between them in just four years. Together with Alibaba, it is also piecing together a digital payments business in heavily-banked Singapore. E-walletOther southeast Asian banks are making similar pushes into digital services by introducing so-called e-wallet and payments options via mobile phones.

Source: Mint June 30, 2017 10:18 UTC