Mobile-based payment platform OPay has grown exponentially since its launch in 2018, penetrating the unbanked and underbanked population in Nigeria. It allows users to send and receive money, pay bills, and order food and groceries, with a network of thousands of agents.
As the number of e-wallet players in Indonesia surges amid the vast market opportunities, bigger players have begun extending the competition beyond payments
Market development, operational challenges, and payment preferences are going to shape consumer engagement with the new instant payment platform
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While the growth of Alibaba and Alipay as well as Tencent and WeChat pay in China is well known, there have been questions about whether a similar model can succeed outside of China. Local players as well as those Chinese giants themselves are starting to show that a super-app may well succeed in other markets in Asia too.
With a large portion of Africa’s population still lacking access to traditional banking services, particularly in places banks fear to tread, payment providers have stepped into the breach, gaining in popularity for offering services beyond the usual payments, money transfer and savings
Despite economic headwinds, banks leveraged advanced technologies and a customer-centric approaches to drive balanced growth, with customer engagement, financial inclusion, and ecosystem development emerging as key strategies
Transaction banks in the Middle East are expanding services in non-oil businesses with high growth potential, in line with economic diversification, and to mitigate geopolitical instability in countries in the Gulf Cooperation Council
Most of Asia Pacific witnessed a slight slowdown in SME loan growth in 2023, but the regional average increased marginally, led by Australia, while concerns remain over SME loan quality, notably in Thailand
Asia is leading in financial platform development and adoption, with Alipay building a vast ecosystem and global reach, while Revolut excels in user acquisition and financial performance.
