TOKYO -- Credit cards are losing out to e-payments as Asia rushes to go cashless, with users who are unwilling or unable to shoulder the high fees associated with cards opting for mobile alternatives.
Credit card penetration remains at 10% or less in Thailand, Indonesia and Vietnam, while mobile payments are used by 47% to 67% of the population in those countries, according to data from the World Bank, Nomura and Japan's economy ministry. In China, where everyday transactions are largely carried out by smartphone, many people grow up without ever seeing a credit card.
