E-wallets set to redefine payment system in U.S.

Fast Growing Companies Embrace Mobile Payments More
By Star Staff.

The entry of global electronic wallet (e-wallet) providers is expected to transform the payment system landscape in Malaysia.

The Government said in report that mobile-based applications are dominating lifestyles including the daily purchase of goods and services.

“The use of e-wallets is gaining popularity fast. Global mobile wallet transactions were valued at US$594bil in 2016 and are expected to reach US$3.1 trillion by 2022, growing at an annual compounded rate of 32% between 2017 and 2022,” it said, citing a report by Zion Market Research.

As of July 2017, e-wallet providers in Malaysia, which are subject to the Financial Services Act 2013 and Islamic Financial Services Act 2013, are Alipay, Visa Checkout, Masterpass, CIMB Pay and Samsung Pay.

Read more at The Star.

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