E-wallets can perk up Southeast Asia tourism

Published on : Monday, March 19, 2018

indexIn today’s context, internet has changed the way we live. Internet related innovations in technology like the Internet of Things or IoT, big data and e-commerce, our daily chores have become lot easier. Also, similar innovations can boost industries, making it even more user friendly for those who are associated with the sector to carry out their tasks.

In Southeast Asia, the current mushrooming of e-wallets could be extremely useful for the tourism industry. E-wallets are an electronic device that permits an individual to enjoy cashless electronic transactions. E-wallets are connected to bank account, credit cards and few can even store cryptocurrencies.

As per the World Tourism and Travel Council or WTTC, in 2016 alone, the tourism sector in the region contributed almost US$119.7 billion and is expected to reach US$222.8 billion by 2027. This makes up 5.3% of total GDP for the whole region.

With the introduction of e-wallets, hassle free travelling can be done. Currently, one of the biggest disturbances in terms of travelling to foreign countries is the foreign exchange rate. Finding a money exchange vendor at any ATM machine takes a lot of time and effort. With the introduction of e-wallets, this process can become out of date.

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