Digital payments have taken the world by storm, and in Asia, they have seen an exponential rise. At present, no other region has more digital payments than Asia. When we talk about the types of digital payments in use, these include Quick Response (QR) code payments, mobile wallets, and online bank transfers. The major reason behind the rise in digital payments is smartphone adoption, e-commerce, and cashless initiatives. We will shed light on this topic with examples of different Asian countries. Keep reading.
UPI – India’s Leading Payment System
Being an Indian, you may be familiar with UPI; however, if you are not, don’t worry; we will explain it for you. The acronym UPI stands for Unified Payments Interface, an instant real-time payment system in India developed by the National Payments Corporation of India (NPCI). The unique thing about UPI is that you don’t need to share sensitive information like bank account numbers or IFSC codes to transfer money between two bank accounts, as it can be done using a mobile phone number.
Things like QR code payments and instant bank-to-bank transfers are made possible by UPI. It has made life easy for shoppers as almost every shopkeeper accepts money through UPI, so you don’t have to carry cash even for everyday retail purchases. As said, UPI is widely adopted as a payment option both by businesses and consumers, and the number of UPI users is growing.
Touch ‘n Go eWallet – Malaysia
Touch ‘n Go eWallet is a digital payment method or digital wallet app commonly used by Malaysians to pay for their purchases in Malaysia. You can pay for a variety of online payments using this payment method, such as QR code retail payments, peer-to-peer transfers, and transit toll/RFID integrations.
When you have the Touch ‘n Go eWallet app with you, you don’t have to worry about paying for:
- Retail purchases
- Transportation
- Online shopping
- Utility bill payments
- Food delivery payments
Alipay and Alipay – China
Although Alipay and WeChat are Chinese digital payment platforms, both of these function as cashless mobile wallets. If you have heard about Alibaba, Alipay evolved from there, while WeChat evolved from WeChat, a Chinese social media and messaging app. To use both apps, you need to link your credit or debit card. To pay, open the Alipay or WeChat Pay app and tap Scan to scan the QR code of the merchant.
Also, if you want to receive payment, tap on the Receive button, which will display your own QR code. It functions like other digital payment platforms, and you can pay for everything, including retail payments, public transportation, e-commerce, and restaurants.
GCash – The Philippines
GCash is a digital payment method and a leading mobile wallet and finance super app being used in the Philippines. Like other digital payment systems, it is commonly used to pay for your retail shopping, online shopping, and digital transactions. Also, you can send and receive money using GCash. It is operated by G-Xchange, Inc. and regulated by the Bangko Sentral ng Pilipinas. The common features of GCash include:
- Send and Receive Money – The most important feature of GCash mobile wallet is that you can send and receive money via mobile numbers to GCash accounts and local bank networks.
- Bill Payments – From utility bill payments to credit card bills, government fees, and others, you can do all that with the GCash wallet.
- Financial Services – Apart from making payments, GCash offers financial services, including access savings (GSave), credit lines (GCredit, GLoan), and investments (GFunds/GInvest).
Why Security is Essential for Digital Payments
As you know, making online payments comes with risks because if your financial information gets stolen, you may end up losing your hard-earned money. This is why securing online payments becomes more than necessary. When it comes to securing your online payments, there are numerous ways, such as two-factor authentication, where you need to authenticate your identity again even after entering your online account password.
Apart from two-factor authentication, security measures such as biometric authentication, where your account can be accessed only when you tap your fingerprint on the device or an eye scan. Encryption is another security technique where your information is encrypted in another language so that if it gets stolen, it can’t be read by the thief.
Digital Payments Beyond Everyday Shopping
If you think that digital payments are only meant for everyday shopping, it is not the case, as these can be used almost everywhere, from making payments for your e-commerce shopping, online travel bookings, video streaming services, and more. If you have heard of W88 Malaysia, you will be surprised to know that W88 Malaysia also allows digital payments to make it easier for their users to pay for online gaming and wagering.
Wagering websites, sportsbook websites and online casino platforms are some other examples where digital payments are available. But do you know why digital payments options such as digital wallets are there? The answer is that they provide quicker payments and secure transactions.
Conclusion: Digital payments systems are everywhere, as now one can pay for everyday needs like grocery shopping, utility bill payments, air ticket booking, and more. These have made life easier for people across Asia and the world by making transactions faster, safer, and more convenient. Here, we talk about digital payments systems used in different Asian countries. We hope you liked reading the post. Share your thoughts in the comments.
Photo by Anna Shvets from Pexels (Free for Commercial use)
Image published on April 23rd, 2020
