The battle over the $30 billion ewallet market
As the fintech sector continues to expand in Southeast Asia, the region is expected to see more than $30 billion in mobile transactions by 2021 – and now even brick-and-mortar banks like Cambodia’s ABA Bank are getting in on the ewallet revolution along with their tech startup counterparts.
New cashless systems are coming online each year in the Kingdom, where the top players include Wing, Pi Pay, PayGo and now ABA Pay. The year-old ABA Pay is an ewallet that allows users to make cashless payments at more than 100 shops, restaurants and online platforms that have partnered with ABA in a network that’s expected to expand.
The region is ripe for a cashless explosion, with its average of 70% bankless citizens compared to a 30% average globally. And Cambodia is particularly well situated for cashless adoption since it enjoys the highest connectivity penetration in Southeast Asia, at 173% – and the lowest banking penetration, at just 13%.