This is a preview of the Global Payments Landscape report from Business Insider Intelligence, Business Insider’s premium research service. To learn more about Business Insider Intelligence, click here. Current subscribers can log in and read the report here.
Cash is still prevalent in many emerging markets, defined as regions with rapidly evolving economies and increasing digital access. These countries represent 85% of the global population, leaving considerable room for payments innovation and for firms to enter to grow their global market share.
Digital payments trends
While cash is the payment method of choice among consumers in these regions, shifting dynamics have opened up opportunities for digital payment adoption: A rise in smartphone penetration, increased internet access, and government fraud prevention efforts have all played a role in streamlining digital payments.
Global cashless payments trends
In the latest Global Payments Landscape Report from Business Insider Intelligence, we identify four emerging markets — India, China, Brazil, and Kenya — that represent a glimpse into what the future of banking and payments looks like in emerging markets. Each market is at the forefront of payments innovation in the developing world and represents a unique approach to the transition to the digital economy that can serve as a strategic example for other emerging markets looking to achieve the same goals.
Here are some key takeaways from the report:
- India, China, Brazil, and Kenya are emblematic of four different noncash development strategies payments firms can replicate based on their respective market conditions. These four regions represent unique and meaningful expansion opportunities for payments providers, but they also highlight strategies firms can apply in other regions with similar market conditions.
- China serves as a blueprint for developing markets to turn popular smartphone apps into payment tools.
- India highlights the ability to enact government initiatives to turn smartphone innovation into access to the formal economy.
- Brazil exemplifies a government successfully breaking up a long-standing duopoly to drive payments competition.
- Kenya showcases how firms can leverage utilities like telecom access to build out financial services’ access to the mainstream.
In full, the report:
- Identifies four emerging markets that are at the forefront of payment innovation in the developing world: India, China, Brazil, and Kenya.
- Discusses each market’s unique approach to the transition to the digital economy, which can serve as a strategic example for other emerging markets looking to achieve the same goals.
- Outlines strategies firms can apply to be successful in other regions with similar market conditions.
The companies mentioned in this report are: Airtel, Amazon, American Express, Alibaba, Alipay, Ant Financial, Banco Bradesco, Banco de Brazil, Barclays Bank of Kenya, Berkshire Hathaway, BillDesk, Caixa Economica, Cellulant, Cielo, Didi Chuxing, Elo, Flipkart, Google, Grab, ICICI, JD Finance, Mastercard, M-Pesa, NuBank, PagSeguro, PayPal, Paytm,PayU India, PesaLink, PhonePe, Rede, RuPay, Safaricom, Stone, Tencent, UnionPay, Visa, Vodafone, Walmart, WeChat Pay, WhatsApp, Western Union.
Want to Learn More?
The Global Payments Landscape from Business Insider Intelligence compiles various payments snapshots, together illustrating how digital payment methods are supplementing or replacing cash in each market.
Each snapshot provides an overview of the payments industry in a particular country, and details the evolution of its development. They also highlight notable payments companies in each region and discuss the opportunities and challenges that players are facing in their respective markets.
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