Alternatives to cash are a relatively recent development in Asia Pacific. The most common are credit cards or debit cards, both of which have been subject to fraud. Electronic payments can now replace cash for most transactions and it is this move to e-wallets that are replacing physical plastic credit cards.
This is an important development in that the opportunity cloning fraud is greatly reduced as no physical exchange takes place, only encoded signals. The major card companies; have all invested heavily in the area as it is the next step forward on top of the EMV chip embedded within most cards in use in Asia today.
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