Wiza Jalakasi is the director of Africa market development at EbanxiEbanxFounded in Brazil in 2012, Ebanx is a financial services company offering payment solutions for the e-commerce ecosystem.READ MORE, a payment company headquartered in Brazil and focused on emerging markets. Ebanx grew fast in Latin America and has now expanded into Africa.

This interview has been edited for clarity and length.

In fintech, payment is largely a regional play, with each market having its most preferred option. Why is that the case?

Each market has unique regulatory dynamics and changing consumer behavior that favors certain local payment methods over others. For example, in Kenya, mobile money emerged as the dominant payment method because the government allowed telcos to offer financial services. Yet, in Nigeria, this model didn’t take off. Instead, the central bank, along with the banking sector, created a national switch that enabled instant bank-to-bank transfers. In South Africa, given a surge in online card fraud, users are increasingly switching to instant electronic funds transfers.

How do African payment companies benefit from plugging into global payment options?

By integrating with global payment companies, African payment players can connect global digital services and products to their customers. This only increases their utility. For example, in addition to paying their utility bills, consumers can use their favorite local payment method to pay for their software subscriptions or travel. With more multi-functional uses, payment players can attract more consumers.

What are similar payment trends that cut across most, if not all, emerging markets?

Online payments in emerging markets are mobile-first and increasingly aren’t card-based. It’s these alternative payment methods that are driving e-commerce from Latin America to Africa to India.

We also see the future of payments in rising markets being instant. Brazil’s instant payments system Pix, only three years old, is a benchmark globally, with over 70% penetration among adults and 100% acceptance in the largest online stores in the country. In India, the instant payments system UPI [or unified payments interface] already accounts for 64% of all digital transactions in the country.