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Asian E-Wallets Plant Their Flags: an In-Depth Analysis of the Top-10 Players Research Reinvented Asian E-Wallets Plant Their Flags: An In-Depth Analysis of the Top-10 Players Research Reinvented At Smartkarma, We Do Things Differently We leverage the online economy, applying this innovative mindset to capital markets. For a single subscription, Smartkarma users can consume all the research they need, just like Netflix enables viewers to watch unlimited hours of content on its platform. At the same time, we address a growing need for a modern approach to corporate access. In 2019, we launched Corporate Solutions, which allows company executives and investor relations personnel to connect seamlessly to investors and analysts, all within a single network. In this effort, we work closely with global exchanges such as Singapore Exchange, which became our investor, to provide such services to listed companies worldwide. Our model ensures that the research on our platform is objective and unbiased, independent and free from conflicts of interest. The platform determines appropriate pricing according to the quality and value of each research piece. This helps independent Insight Providers monetise their research and incentivises them to produce truly quality, differentiated work that stands out from the rest of the market. A commitment to quality is also why we carefully vet and select our Insight Providers. Less than 10 percent of the independent analysts who apply are approved as Insight Providers on Smartkarma. We currently have over 100 such curated Insight Providers publishing on the platform, ranging from one-person operations to teams of multiple members around the world. In the following pages, you will be able to see for yourself the result of our efforts. In the meantime, we will be busy bringing you more exciting Smartkarma is a global developments over the course of the year! investment research network that brings together independent Insight Providers, institutional investors, and corporate investor relations professionals and management. 2 Asian E-Wallets Plant Their Flags: An In-Depth Analysis of the Top-10 Players Thematic (Sector/Industry) Asian E-Wallets Plant Their Flags: An In-Depth Analysis Valerie Law, CFA of the Top-10 Players Asia Ex-J Consumer/ By Valerie Law, CFA | 02 Mar 2020 Transport analyst EXECUTIVE SUMMARY Digital payments in Southeast Asia are expected to grow in the double-digit range per year, exceeding $1 trillion in gross transaction value (GTV) by 2025, based on Google-Temasek's eConomy SEA 2019 report. Within this pie, e-wallets GTV has the potential to increase more than fivefold, from $22 billion to $114 billion. In India, digital payments are expected to grow 20.2% CAGR between 2019 to 2023, based on a projection by KPMG. In this piece, we explore 10 e-wallets that are emerging in Southeast Asia and India due to their phenomenal growth and picked them for in-depth discussions due to their unique ecosystems that can support their GTV growth. We will discuss their original vertical, features, growth plans, and hurdles to their growth, before picking out the potential winners. Sections: 1. An introduction to major e-wallets in Asia, and definitions 2. Driving forces that led to wallet ecosystems 3. Summary of the wallets’ strategic roadmap, growth, and hurdles 4. Common hurdles faced by e-wallets 5. Medium-term catalysts 6. Conclusions Valerie Law, CFA 3 Asian E-Wallets Plant Their Flags: An In-Depth Analysis of the Top-10 Players DETAIL 1. An introduction to the major e- wallets in Asia • In this section, we provide a brief overview of major digital wallets (mostly referred to as e-wallets) in Asia and the definition of e-wallet in different jurisdictions. For this study, 10 wallets were chosen because they mostly originated outside the finance industry, and have become fast-growing ecosystems (except for Paytm and PhonePe). • These wallets gained huge user adoption from their original industry (e-commerce, ride-hailing, gaming, etc) and moved into the finance segment due to the availability of technology, venture capital funding, increased awareness of financial inclusion, and new licensing regimes. In the second part, we outline the various definitions of e-money, e- wallet, mobile wallets across Asia according to the definitions yb the authorities and relevant sources. Leading players in key Asean and Asian countries Asean Leading e-eallets Number of e-wallets Indonesia GoPay, Ovo-Grab, Dana, LinkAja 651 (Source: Daily Social) Malaysia GrabPay, RazerPay/MOL,Axiata/Singtel- 44 licensed e-wallets (5 banks and VIA 39 non-banks) (Source: Bank Negara) Thailand Rabbit-Line, True Money, 25 licensed e-wallets (Source: BOT) Philippines GCash, Singtel-VIA, BanKo (BPI), Pay More than 17 famous e-wallets Maya (Source: Fintechnews) Vietnam Momo, Viettel Pay, eMonkey, 32 non-bank licensees ZaloPayMoca-Grab (30 others) (Source: Fintechnews) Cambodia TrueMoney, Pay&Go, Ly Hour Pay Pro, Pi Over 20 e-wallet players Pay, E-Cash (ABA Bank), SmartLuy (Source: Capital Cambodia) Singapore Grab-Fave, Google Pay, Apple Pay, More than 27 payment schemes Wechat Pay, Alipay India GooglePay, Mobikwik, Paytm, PhonePe, 42 Prepaid Payment Instruments Amazon Pay (PPI) license holders (Source: RBI) China Alipay, Wechat Pay, CUP 3 major e-wallets Source: Daily Social Fintech reports, news reports, analystsNote: FOMO Pay processes for Wechat Pay and Alipay in Singapore. RazerPay processes through MOLPay in Malaysia, with no offers to top up via cash in Singapore Valerie Law, CFA 4 Asian E-Wallets Plant Their Flags: An In-Depth Analysis of the Top-10 Players Definitions India In India, e-wallets are described by Reserve Bank of India (RBI) as a form of “Pre-paid Payment Instrument” (PPI). RBI defines three classes of PPIs, as listed below. Type of Closed PPI Semi-closed PPI Open PPI PPI Definition Issued by an entity for Used for purchase of goods and Issued only by banks facilitating the purchase of services, including financial services, and are used at any goods and services from that remittance facilities, etc., at a group of merchant for purchase entity only and do not permit clearly identified merchant locations / of goods and services, cash withdrawal. As these establishments which have a specific including financial instruments cannot be used contract with the issuer (or contract services, remittance for payments or settlement for through a payment aggregator / facilities, etc. Banks third party services, the payment gateway) to accept the PPIs issuing such PPIs shall issuance and operation of as payment instruments. These also facilitate cash such instruments is not instruments do not permit cash withdrawal at ATMs / classified as payment withdrawal, irrespective of whether Point of Sale (PoS) / systems requiring approval / they are issued by banks or non- Business authorisation by the RBI. banks. Correspondents (BCs). *Full KYC required by default Issuers NA Banks and non-banks Banks only Top-up NA Cash, bank transfer, credit/debit cards Cash, bank transfer, modes credit/debit cards Top-up NA Cash loading limited to INR 50,000 per Cash loading limited to limits month, subjected to overall limits of INR 50,000 per month, PPI subjected to overall limits of PPI Wallet NA Minimum KYC: Up to INR 10,000 Full KYC: INR 100,000 limits Full KYC: Up to INR 100,000 Fund NA Minimum KYC: Not allowed Full KYC: transfer Full KYC: • To limits • To preregistered beneficiaries: preregistered INR 100,000 per month beneficiaries: INR 100,000 per • Others: INR 10,000 per month month • Others: INR 10,000 per month Examples Flipkart.com, Paytm, PhonePe, Freecharge, HDFC Bank Pay Zapp, Makemytrip.com, Mobikwik ICICI pockets Bookmyshow.com (Source: RBI) Valerie Law, CFA 5 Asian E-Wallets Plant Their Flags: An In-Depth Analysis of the Top-10 Players Indonesia The definition of e-money and e-wallet in Indonesia as follows: E-Money: Money in digits E-wallet:Digital equivalent of a physical wallet Technology Chip-based, microchip embedded in the Server-based electronic money, on the face of card (eg. bus fare) smartphone, usually needing internet connection Registration Can be bought at merchants or User must register and fill in details to use it. convenience stores without needing registration Balance Top- Can top up, but usually at the issuing Can top up, with more options Up bank User Segment Broader segments of population Focused on online transactions. Users without covered due to the ease of a physical Internet access or an account with the e-wallet card, more offline partners cannot use it. The use of mobile phones without the need for any other external devices make it an efficientool. t Balance Limit Up to IDR 2m Above IDR 2m Malaysia In Malaysia, Bank Negara Malaysia (BNM) provides only a definition of e- money without defining an e-wallet. The definition and opesc of e-money regulations as set out by (BNM) is listed below: Definition “Electronic money or e-money” means a payment instrument or an Islamic payment instrument, whether tangible or intangible, that stores funds electronically in exchange for funds paid to the issuer and is able to be used as a means of making payment to any person other than the issuer Issuers Bank and non-banks Wallet limits No CDD: Less than MYR 5,000 Simplified CDD: Up ot BNM approved limit Transfer modes To and from bank accounts; to and from other wallets Fund transfer limits No CDD: Not allowed Simplified CDD: - Up to MYR 50,000 (Includes merchant transactions - No limit for transfers to own bank account Transaction limits No CDD: - Less than MYR 3,000 per transaction - Up to MYR 50,000 per annum Simplified CDD: - Up to MYR 50,000 per annum (includes funds transfer to others) Withdrawal modes Withdrawals not allowed The way that e-money is defined effectively means that only semi-closed wallet systems are regulated while closed-loop systems are not regulated.
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