Southeast Asia is the world’s fastest-growing region for mobile wallets, followed by Latin America and Africa & Middle East, research from London-based fintech company Boku Inc. shows.

The number of mobile wallets in use will grow 311% from 2020 to almost 440 million by 2025 across Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, reflecting an e-commerce boom, according to a global study on the industry, which was published on Thursday in partnership with Juniper Research Ltd. The usage in Latin America is set to expand 166% during the same period, while that in Africa and Middle East will grow 147%.

Have a premium account? Sign in to continue reading.

Unlimited access to all stories from $99.9/year*

The latest reporting and analysis from business and investments to news and views on social issues.

Bonus:

  • Simultaneous logins across all devices
  • Instant access to past digital issues
  • Unlimited access to The Edge Malaysia
  • *For annual subscription plan only. T&Cs apply

Subscribe

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook