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The electronic payment markets have been growing in an unprecedented pace over the last two decades globally.
According to EY Global FinTech Adoption Index 2019, 96% of global consumers are aware of at least one money transfer and payment FinTech service; 75% global consumers use a money transfer and payments FinTech service.
China is leading the pace for FinTech innovation. The adoption rate of money transfer and payments FinTech services is 95% in China as a result of pervasive money transfer and payment apps aided by integration with China's powerful and ubiquitous ecommerce and social media platforms. Most observers expect Chinese players will proactively extend their reach beyond China to scale to new markets and serve even more customers. Europe has been a popular targeted market with the increasing cross-border business.