2017-06-03 Sat

South Korea and Australia are planning to stop using banknotes by 2030. People from these countries are already supporting cashless payment methods. The Bank of Korea is going to introduce e-wallets and prepaid cards. 41.7% of the Asia-Pacific region’s total mobile payment market has been grabbed by South Korea this year. Japan takes the top spot with 47.5% mark! Almost 87% of Australians are favouring cashless transactions and mobile payments this year.

Banknotes will be preferred by people who need privacy while doing transactions. Cash will also be necessary during system downtimes. Malaysians still exchange cash gifts with each another during festivals.

Online payment platforms like Alipay, WeChat and e-hongbao have become very popular in China. These companies are also probably looking to expand in India. Experts believe that it will take five more years for mobile payments to pick up in the Asia-Pacific region. The major roadblock has been the fact that many companies have not gone through a digital transformation. There is another possibility that consumers might not replace their physical wallets with multiple payment apps.