Today we’re looking at what’s new and innovative in online payments, financial systems and e-commerce technologies. While mobile payments have revolutionized business, Africa has 52% of the world’s mobile payment transactions, showing the potential in developing countries. A Federal Reserve Board of Governors’ March 2016 study of US mobile financial services found24% of consumers had made a mobile payment in the previous 12 months, up from 20% the year previous. With more than 697 million users, WeChat also now has more than 300 million active user payment cards which earned more than $46 million in fees in 2015.
A yStats.com report titled “Asia-Pacific Online Payment Methods: Full Year 2015,” show mobile wallet use in developing SE Asian countries was doublethat of developed countries. According to MobilePayments Today, Asian telcos have an opportunity to generate new revenue from mobile payment services with their existing clients. In India, the new Unified Payments Interface (UPI) is not expected to negatively impact mobile wallet and payment systems such as Paytm, Oxigen and Mobikwik.