In 2020, it made up 55 percent of the Chinese mobile payments market, and it keeps growing. While there are many mobile wallet options in China, Alipay is the undisputed king. While some popular options in the world are available throughout the region, the following offerings remain the most widely used. Nearly one-third of e-commerce spending in Asia also comes directly from these mobile wallets. For instance, digital wallets account for 48 percent of payment volume and over 70% of e-commerce spending in China. Mobile Wallets in AsiaĪsia is the epicenter for this technology’s adoption. As their user base increased, they grew their agent network at the same pace. Most of its customers are concentrated in Kenya. A major driver of their popularity is their customer service. While it’s only available in seven countries in Africa, M-Pesa still reaches a massive amount of the continent’s citizens. Launched in 2007 by Vodafone Group and Safaricom, M-Pesa has active agent operations across the Democratic Republic of Congo (DRC), Egypt, Ghana, Kenya, Lesotho, Mozambique, and Tanzania. It’s also available in 18 countries on the continent, so it’s one of MTN’s biggest competitors in many places. It’s only slightly less widely used than MTN. Orange MoneyĪfter its initial rollout in 2008, Orange Money from Orange Group quickly became one of the most popular mobile wallets in Africa. It offers services in Rwanda, South Africa, the Republic of Congo and at least 22 other countries in Africa and the Middle East. With nearly fifty million users throughout the world, MTN stands out among other mobile wallets in Africa for name recognition and adoption. While the popularity of the following companies varies by country, each of them helps to provide financial services that many citizens would not otherwise have. To have a mobile money account, all one needs is a mobile phone-no bank account required. Many people living in Africa don’t have access to traditional banking services. Mobile money technology has enabled the unbanked to access financial services more readily. To stimulate the economy, many African governments have reduced barriers to encourage more people to sign up for mobile wallets. International Money Transfers to Mobile Wallets Mobile Money in AfricaĪfrica has the world’s largest mobile money market, and the COVID-19 pandemic only accelerated its growth.
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