New data from the Expert Market showed the increasing number of people who uses an e-wallet and digital payment for transactions, reaching 140 million a year.
Out of the 36 countries, Britain holds the third spot in the highest e-wallet usage in the world. With over 5 percent of all point of sale transactions made by mobile. Meanwhile, China is still the leading country with more than 36 percent of transactions made via digital wallets.
According to an article published by Tech Mag, forecast predicts that come 2022, only 17 percent of the global payments will be cash.
In three years’ time, it is expected that the digital wallets usage will increase up to 28 percent, making cash transactions slightly lower.
These days, paying using mobile phones have been a trend. By simply tapping, waving and scanning the QR codes, credits can be transferred to another account. Although cash and plastic cards are still common these days, more and more people are switching to this new payment method for a hassle-free experience.
China Eyeing Cashless Future
WeChat and Alipay are two main competitors in mobile or digital payments. In 2016, there are more than $5 trillion mobile transactions recorded, which is double the size of cash payments.
Given the advancement of technology in this country and the government supporting innovations, more Chinese people opt for this type of payment.
In addition, China also eyes cashless future, with more transportation, restaurants and other establishments allowing tap and go payment method.
Japan, is one of the countries which has lower rank when it comes to digital wallets. Japanese people are known dependents to cash, even though the government is providing other modes of payment.
E-payments or digital payments is concluded to increase and eventually dominate the world by 2025. However, cash will still be useful as some areas in the world don’t have access to technology.