Key takeaways

  • Small business merchants find mobile payment system convenient as transaction costs are lower and the process is fast and seamless.
  • Consumers are slow to adopt the habit of using such mobile payment systems.
  • More providers are launching their own payment system, leading to a fragmented market that may further slow down the adoption of such payment methods.
  • Need for a dominant payment system that is similar to China’s WeChat Pay and AliPay.

Cashless hawkers

Multiple cashless systems

Too much choice?

China leading the cashless movement

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