They can also withdraw cash from their DaviPlata wallet at Banco Davivienda ATM machines. With DaviPlata, Colombians can pay for many goods and services they’d otherwise use cash for. The following mobile wallets have already established themselves to take advantage of this revolution.ĭaviPlata is a mobile wallet offered by one of the biggest banks in Colombia, Banco Davivienda. In fact, a recent report by the Global System for Mobile Communication reveals that 4G coverage in Latin America went up to 85% in 2019, while Mexico alone has experienced a nearly 20% increase in mobile internet penetration in the past five years.ĭigital and cloud payments are also expected to drive investment from fintech and banks in Latin America in the coming years. One reason? Mobile internet access has increased in Latin America.

Regardless, as in other developing nations, mobile money and mobile banking options are gaining traction in the region. Just as in Africa, many people in Latin America don’t use traditional banking services, though this varies by country. In the Philippines, for instance, GCash has millions of users and is so far the most popular mobile wallet in the island nation in terms of total users. While China may have many well-known virtual wallet brands, other Asian nations have their own mobile money providers. Research from the second half of 2019 showed that it made up 39 percent of the mobile wallet market in the country and boasts over a billion users.Īs one of the most popular communication methods in the country, its virtual payment offering immediately had a massive user base. While Alipay may be the most popular option in China, WeChat is not far behind. Users love this offering because it also provides services in the areas of wealth management, investing, and micro-loans. In 2020, it made up 55 percent of the Chinese mobile payments market, and it keeps growing. While there are many mobile wallet options in China, Alipay is the undisputed king. While some popular options in the world are available throughout the region, the following offerings remain the most widely used. Nearly one-third of e-commerce spending in Asia also comes directly from these mobile wallets. For instance, digital wallets account for 48 percent of payment volume and over 70% of e-commerce spending in China. Mobile Wallets in AsiaĪsia is the epicenter for this technology’s adoption. As their user base increased, they grew their agent network at the same pace. Most of its customers are concentrated in Kenya. A major driver of their popularity is their customer service. While it’s only available in seven countries in Africa, M-Pesa still reaches a massive amount of the continent’s citizens. Launched in 2007 by Vodafone Group and Safaricom, M-Pesa has active agent operations across the Democratic Republic of Congo (DRC), Egypt, Ghana, Kenya, Lesotho, Mozambique, and Tanzania. It’s also available in 18 countries on the continent, so it’s one of MTN’s biggest competitors in many places. It’s only slightly less widely used than MTN. Orange MoneyĪfter its initial rollout in 2008, Orange Money from Orange Group quickly became one of the most popular mobile wallets in Africa. It offers services in Rwanda, South Africa, the Republic of Congo and at least 22 other countries in Africa and the Middle East. With nearly fifty million users throughout the world, MTN stands out among other mobile wallets in Africa for name recognition and adoption. While the popularity of the following companies varies by country, each of them helps to provide financial services that many citizens would not otherwise have. To have a mobile money account, all one needs is a mobile phone-no bank account required. Many people living in Africa don’t have access to traditional banking services. Mobile money technology has enabled the unbanked to access financial services more readily. To stimulate the economy, many African governments have reduced barriers to encourage more people to sign up for mobile wallets. International Money Transfers to Mobile Wallets Mobile Money in AfricaĪfrica has the world’s largest mobile money market, and the COVID-19 pandemic only accelerated its growth.

Virtual wallet apps