We believe the rate of growth will be rapid and will continue to speed up given the size of Asia’s customer base, demographics and the kind of opportunities developing in the region.
"There are numerous drivers influencing the move to a cashless Asia.”
The adoption of technology is quite high. The younger population in Asia drives a lot of new-age solutions into play.
We’ve seen this in the phenomenal take-up around the newest payment tech like digital wallets. In fact, the Asia Pacific region leads the world when it comes to digital wallet usage via mobile and smart devices, according to a Mastercard Digital Payments study in 2017.
In China alone, online sales of retail goods reached RMB 7.1 trillion in calendar 2017, growing at approximately 30 per cent a year, according to government statistics and ANZ analysis.
The drivers for growth are there – and it may be happening faster than many people expect.
A good payments system is vital to any successful economy. Today many Asian nations are adopting new technologies, new platforms and even looking to go cashless as they drive toward creating a digital economy.