Digital Payments Around The World

Research Notes


We want to study and provide references for the digital payment schemes around the world and start to explore possible ways to leverage crypto and blockchain technology to provide more liquidity, and utility for local payments and services, particularly in emerging markets that are cash-based or moving towards new types of digital payment to local currency schemes.

In many developed economies, going cashless means using a debit or credit card, or perhaps using a digital wallet such as Apple Pay, Android Pay, or Visa Checkout. This type of "cashless" economy is tethered to legacy credit card payment rails, and requires each consumer to have a bank account, or credit profile, in order to participate.  It seems unlikely that debit and credit payment processing rails & ecosystem are going to willingly cede transaction processing fees and will see crypto based payments as a threat in light of emerging crypto technology enabling consumers and merchants to easily and quickly make a payments with very low transaction fees, and vary fast transactions at the point of sale.

This article gives a nice chart about the state of developed economies moving towards debit as opposed to cash:


When we think about the emerging economies, we are looking to study the intersection of payments and crypto-currencies.  For example, in China Alipay and Wepay took 3 years to go from 20%-95% of all payments made.

In India UPI is a new scheme

In Nigeria we have M-Pesa

What are the other digital payment schemes helping emerging markets move away from cash and onto digital payments?

Mckinsey report on digital finance and impact to emerging economies:

BanQu: Dignity Through Identity.
The first ever blockchain Economic Identity technology (patent pending) platform and network that enables a secure and immutable platform for creating economic opportunities for people around the world who are refugees and living in extreme poverty. The BanQu network uses a proprietary ( patent pending ) method to create a mashup of selfie plus other key human characteristics / biometrics for people with no access to technology or banking.
This Economic Identity then can be augmented by critical pieces of information such as land rights, voter registration, relationship based credit profiles, education records and health records etc. The BanQu network thus enables a true credit / bankable profile for the refugees / unbanked and extreme poverty populations who are otherwise left out everyday.

Payments to mobile phones:

TransferTo’s Mobile Money Hub disrupts traditional money transfers by offering digital money transfers over phones. We interconnect money transfer services and mobile money accounts across geographies to provide instant money transfers, low cost and more secure with a digital transaction. Through TransferTo’s Hub, it is possible to send micro-values as low as $1 in real-time directly to 4.5 billion of mobile phones or to to send larger amounts also in real-time. This helps the consumer by giving them greater choice of when they want to send money, how frequently do they want to do it and the amount they want to send, without worrying about opening hours of outlets and how expensive the transaction fees are.


QR Code Payment System Launches in Singapore:

Speaking with someone from Argentina, these are the popular tools for bitcoin

BitPago & Ripeio:

XAPO Digital Wallet: