The pandemic has expedited the long-term structural trend from cash to electronic payments. In China, electronic payments have been widely adopted due to the proliferation of e-commerce, mostly supportive regulation (until recently) and a large target market.
In Latin America, Brazilian consumers and businesses now have benefitted from disruptive ideas and solutions provided by fintech companies. For example, payments provider PagSeguro offers point-of-sale terminals to small merchants, most of whom were previously unable to accept electronic payments. Consumers on the other hand benefit from PagSeguro’s range of digital banking services, which can be accessed conveniently on their mobile phones.
The use of digital payments is rising across emerging markets Usage of digital wallets for both in-store and online payments
Data as at 30 June 2020. Source: Euromonitor International, Digital Consumer Survey 2020
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