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E-Payments Can't Dethrone Cash in Asia

Widespread smartphone usage yet to boost new payment methods

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.

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