Are e-wallets enough? Building a diverse payment mix in emerging markets

People are increasingly paying for their daily expenses with e-wallets on their phones rather than cards or cash. For some, it’s just safer and more convenient, while others simply don’t have access to traditional card payment methods. 

But as digital wallets become more common across emerging markets, a critical question arises for online businesses: Are they enough?

Relying on a single payment method, no matter how popular, can limit reach, reduce conversions, and leave out entire customer segments. To truly succeed in these regions, businesses need to offer a payment mix that reflects local realities, not just global trends.

The rise of e‑wallets in emerging markets

E-wallets are quickly becoming the go-to way to pay online, particularly in emerging markets. By 2030, they’re expected to account for 65% of all global e-commerce payments. That’s a huge leap, showing just how far mobile payments have come.

There are a few clear reasons for this growth:

• Smartphone access: Even in areas with limited banking infrastructure, many people have mobile phones that support e-wallet apps.
• All-in-one convenience: From sending money to paying bills or shopping online, everything can be done in a few taps.
• Pandemic-driven habits: The shift to contactless payments during COVID-19 helped speed up adoption in places where cash was once the preferred method.
• Everyday integration: In many countries, e-wallets are built into super apps that people use daily for transport, food delivery, messaging, and more.

For millions, mobile wallets are the easiest and safest way to pay. However, as their popularity keeps growing, relying only on e-wallets can leave gaps, especially in markets where other methods like cash or bank transfers are still widely used.

Learn about digital wallet boom in Latin America. 

Why e-wallets alone might not be enough

Even in mobile-first regions, not everyone uses e-wallets, and not every purchase is made through one. Here’s why offering just one or two payment options can be risky:

1. Reach more people

Not everyone uses an e-wallet. Some shoppers prefer to pay with cash at a local store, others trust their bank apps more, and many don’t have access to digital wallets at all. A limited payment setup means leaving those customers behind.

2. Boost checkout conversion rates

When customers don’t see a familiar payment option, they often don’t complete the purchase. Offering a mix of trusted local methods, like cash vouchers, bank transfers, or regional cards, can reduce drop-offs and increase completed transactions.

3. Different transactions require different methods

E-wallets may be perfect for low-cost, everyday purchases. But for larger transactions, like booking a flight or buying electronics, people often prefer options like bank transfers or instalment plans. Businesses need to support both to meet the varied needs of their customers.

4. Adapt to local payment habits

Each market has its own mix of preferred methods. For example, Pix dominates in Brazil, SPEI in Mexico, and cash is still widely used in parts of Africa and Southeast Asia. Tailoring your payment mix to these habits shows your business understands the local environment and builds trust.

5. Reduce risk from over-reliance

If your checkout depends entirely on one e-wallet provider, a single outage or policy change can disrupt your entire operation. A more diverse setup ensures your business stays stable and accessible, no matter what.

What a diverse payment mix looks like

The goal isn’t to support every payment method in the world, but to offer the right mix for each market. That could include:

• Mobile wallets: Local favourites like GCash, or M-Pesa
• Real-time bank payments: Like Pix, UPI, SPEI, or PSE Colombia
• Cash-based methods: OXXO, Boleto, PagoEfectivo, or cash on delivery
• Cards: Still relevant in some urban areas or for cross-border purchases
• Buy Now, Pay Later: Gaining popularity in Southeast Asia and Latin America
• Other alternative methods: Crypto and open banking solutions in select markets

Offering multiple options helps remove friction at checkout and builds trust with your customers wherever they are.

How to build the right payment strategy

Here’s how to make sure your business is offering payment options that truly work in each market:

1. Research local behaviour: Don’t assume what’s popular in one country applies to another. Payment habits can differ by region, age group, or income level.
2. Use a PSP with wide coverage: Choose a payment partner that offers access to hundreds of local methods across emerging markets.
3. Keep it mobile-first: In mobile-led economies, your checkout process needs to work smoothly on any screen.
4. Review and optimise: Track conversion data to see which payment methods are actually being used and which aren’t.
5. Plan for regulations: Understand local compliance requirements before launching in a new country.

How Payop can help

Payop connects you to 500+ payment methods in 170+ countries, including local wallets, real-time transfers, and cash-based options. Whether you’re targeting customers in Southeast Asia, Latin America, or Africa, we help you build a payment setup that feels local.

And with real human support, we make sure your payments work just as smoothly as your business.