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%.

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