Southeast Asia is the biggest hub for digital payments and is ever-expanding exponentially. In the past two years, e-wallet users have increased to a gigantic number of 2.1 billion from 500 million. Among these 70% of the growth in users was accounted from India and China.
In fact, Mars Finance, the research-based company reported that Singapore’s DBS Bank has grown significantly in the use of cryptocurrency during the pandemic. The growth has even surpassed the previous estimations and is bigger in numbers when compared to the fiat currency. And the crypto assets which were once considered of no value are surging in the market.
A Surge in Bitcoin Market
According to the same report, nearly 35% of Asian users choose bitcoin for transactions. Asia is considered as the biggest market for the cryptocurrency and bitcoin is leading in it. Many of the top exchanges are based out of Asia. The volume of the market growth is measured in terms of liquidity, trading volume, traffic and the types of tokens traded.
According to the data shared by Mars Finance, the biggest use for digital transactions is for online purchases which are followed by technological investments by a relatively close margin and thirdly in long and short term investments. Sadly, fraudulent transactions are also a part of the growth but that is something countries are working to control over. Be it China’s work on the development of its own digital currency or Japan’s regulation of crypto law or Indian Government proposal for regulation or a complete ban.
China Leading the growth
From the same reports, it mentions the use of cryptocurrency in volume by each country. China dominates the market which is followed by Denmark, South Korea, Sweden, and India. Furthermore, Effendy Shahul Hamid, CIMB Group Holdings Bhd’s CEO says that the adoption of e-wallets witnessed a huge intake during the lockdown period all over the world. This will only be increasing post the COVID as people will like to opt for cashless payments that ensure no contact and safety.