2 min video about how Asia is leading the way when it comes to making payments digitally
UnionBank, which is the 10th biggest bank in the Philippines, is using Coins.ph, a regulated Philippines-based Blockchain-powered platform to offer remittances and other payment services for people via their mobile phones.
Coins.ph’s majority shareholder is Go-Jek, which is a ride-hailing/taxi company, not dissimilar to UBER, has its own digital payments solution called Go-Pay, which is in stiff competition with one of Asia’s fastest-growing firms, based out of Singapore, called Grab. Grab operates GrabPay — a tokenised payments platform, which also offers a range of investment, lending, and insurance products, all via mobile devices.
The Asia/Pacific remittance market is worth over $300billion, and increasingly these payments are being made digitally.
Ppro has carried out a survey in 14 countries in Asia and found that the most popular way to make payments on-line was using e-wallets at 41% and then cards at 31% with bank transfers accounting for only 13%. Ppro themselves have seen its e-commerce business expand despite Covid-19 by 85%
Crypto firm Ripple has announced their Asian expansion plans and new partnerships in the Philippines and Korea as it looks to compete and ideally replace the current methods of foreign exchange trading while reducing settlement time to close to zero.
In China, 32.7% of retails payments are made via mobile, compared to the UK (15.3%) and US (15.0%). Alipay and WeChat Pay account for 93% of these transactions. These two Chinese firms are going to provide potentially stiff competition to China’s recently launched CBDC, hence, no surprise that the Chinese government has announced that they are investigating Alipay and WeChat Pay’s monopolistic position as it, in turn, launches its CBDC.