E-wallet market is full of big players who simply use monetary incentive to acquire users. But you know, it doesn’t mean successful because the churn rate will be super high.
While late-comers & underdogs has to leverage unique proposition and creative tactics to fight against these resourceful giants, I published an article on e27 to discuss their strategy & tactics which may bring you some insight for you to grow your business.
Here summarized the 4 key tactics in the article:
Leverage the tradition
- Attack the market hard with a red envelope (紅包, hóngbāo) – by WeChat Pay (China)
Focus on a special niche
- Target at users who are not well-served – by PayMaya (Philippines)
Adopt a unique proposition
- On-demand concept is not only for ridesharing, but also for banking – by Payfazz (Indonesia)
But what’s the tactic that is adopted in lots of SEA countries?
Fulfil the payment scenario in the user flow of their existing app seamlessly
- Grab-Pay (Singapore) – Users can pay when they book a car on Grab
- TokoCash (Indonesia) – Users can pay when they buy on Tokopedia
- Qnect (Hong Kong / Australia) – University students can pay for event tickets of school organisations