Digital Disruptors: The Global Competitive Landscape of Digital Wallet

June 2019

Digital wallets have revolutionised payment systems and e-commerce companies are embracing them globally to create seamless experience, but also to interact with the consumer and collect smart data. While cashless solutions and digital wallets have become a lifestyle choice in Asia Pacific via Super Apps, the West will need to catch up by reassuring users of its safety but also of the real added value over cash or cards. New formats, incentives and voice are helping gradually bridge that gap.

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Key Findings

The wallet war

Major technology companies have invested heavily in digital wallets, and the war is no longer only between Google Pay, Apple Pay or WeChat Pay. Those tech titans have paved the way for the propagation of non-payment players, offering new e-commerce possibilities in emerging markets, multifunctionality and rewards in developed ones.

Leveraging data, creating loyalty and launching innovative format seduce consumers in the West

Major groups are today using smart data and analytics in order to launch customised offers, creating loyalty. Digital wallet adoption in the West needs that extra incentive to convince consumers of its “real” added value . The proliferation of digital wallet wristbands in the travel and retail industries has also enticed consumers with their versatile usage, whether for paying goods, receiving updates on an attraction or interacting with a brand.

Super apps spur digital wallet expansion in Asia Pacific

The move towards super apps first emerged in China because of the market’s unique qualities, including its status as the world’s first so-called mobile-centric nation. Today Asia Pacific leads the world in the transition into using the mobile phone as a tool for commerce. In more recent years, all-in-one super apps have a positive effect on digital wallet adoption.

Concerns and challenges remain

Considerable security concerns of consumers over their financial information remain today and will need to be addressed by companies wishing to operate in this space. Companies must balance the desire for greater personalisation and convenience with rising privacy and security concerns.

Introduction

Scope of the Digital Consumer
Key findings

State of Play

Mobile phone paves way for rise of digital wallet
China drives digital wallet’s growth worldwide
Loyalty as a critical element for wallet adoption, especially in the West
RFID wristbands drive consumer interest

Profiles on Global Disruptors

Google Pay
Visa Checkout
PayPal
Masterpass
Alipay
Apple Pay
WeChat Pay

Profiles on Disruptors in the Americas

MercadoPago
Citibanamex Pay

Profiles on Disruptors in Asia

PayLah !: continues to be leading mobile wallet in Singapore
Go-Pay
PayMaya: pioneer in mobile money and payments in the Philippines
PAYTM
SUICA
LINE Pay
Octopus O! ePay
PromptPay Bangkok Bank: one of top three digital wallets
Beam

PROFILES ON DISRUPTORS IN EMEA

Swish
Satispay
Paylib
Yoyo Wallet
Qiwi
CSOB NaNákupy
Polski Standard Platnosci Sp zoo
BBVA
SnapScan
BKM EXPRESS

Prospects

Security and privacy concerns are top challenges to be addressed
Artificial intelligence will help improve customer engagement
Digital wallet expected to go mainstream in Asia Pacific with super apps
Rise of voice-enabled devices is driving future interest in voice commerce
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