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.

Consumers in Thailand voted Kasikornbank as the Most Recommended and Most Selected Main Retail Bank in the 2023 BankQuality Survey; Siam Commercial Bank placed second while Line BK emerged as highly-rated digital-only bank

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