It's 'ka-ching' time for payments firms

That's even though the takings will be spread across a wider variety of industry players, with the value of transactions expected to fall both here and elsewhere.

With Ingenico Group posting Asia-Pacific revenue of 359 million euros for the nine months to Sept 30, Mr Salisbury added that"the payments industry seems to be growing at a moderate and healthy rate, especially in Asia". Mohit Mehrotra, strategy consulting leader at Deloitte Southeast Asia, also noted that card growth has come in tandem with the global rise of services, such as in the gig economy.

Based on what has happened in China, it could take as long as 10 years from e-wallet roll-out, before such a payment format could gain mass-market traction.

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