E-Payments Can't Dethrone Cash in Asia

The dominant role of cash in Asia is only slowly being eroded by other payment methods, according to a survey of 4,000 consumers in seven Asian markets commissioned by PayPal Holdings Inc. Widespread smartphone usage and high awareness of non-cash methods haven’t yet translated into a wholesale adoption of e-wallets and contactless payments, said Rohan Mahadevan, PayPal’s senior vice president for the Asia-Pacific region. Only 1 percent of those surveyed mentioned contactless payments via their mobile phone as their most frequent method of settling transactions, versus 12 percent who preferred e-wallets and 57 percent who rely on cash.