As per the Boku’s Mobile Wallet Report, nearly 60% of the world’s population will use mobile wallets by 2025. Whereas Southeast Asia is projected to be the fastest growing region in the world, with 311% user growth from 2020–2025. Africa, the Middle East combined and Latin American are projected to grow by 147% and 166% respectively over the same period. While these alternate payment methods are accelerating in their local markets, this also establishes a need for a global payment method that acts as shadow payment scheme on top of these wallets and enables, for instance, overseas customers of e-Commerce merchants/merchant aggregators (e.g. marketplace) in fast-growing economies to make purchases using the local mobile wallets in their markets. This also means that not only do merchants need to accept more wallets but they need to ensure broad coverage across each of their target market.
Evantagesoft Private Limited and OCTO3 Group Holdings launching a new venture (The DAO) to offer a first-of-its-kind “glocal” solution for borderless commerce which provides one-stop, faster and low-cost global payments, remittance, and treasury management locally for merchants aspiring to sell internationally by accepting other country payment methods. Stay tuned!