Technological disruption is reshaping the payment landscape, creating a tight mobile wallet business environment. Banks must reshape their strategies that will help enhance their competitiveness in this market.

While the growth of Alibaba and Alipay as well as Tencent and WeChat pay in China is well known, there have been questions about whether a similar model can succeed outside of China. Local players as well as those Chinese giants themselves are starting to show that a super-app may well succeed in other markets in Asia too.

Alipay emerges as the best platform, driven by its impressive performance in coverage, connectivity and ecosystem, while GCash excels in customer base, usage and engagement, and Wise scores on performance

Disintermediation by digital wallets and decentralised finance platforms is shifting deposit business dynamics, requiring conventional banks to innovate and stay competitive

Alipay retains its top spot in this year’s ranking, while Apple Pay climbs higher with its expanded financial services ecosystem