As global tax regulations become increasingly stringent, international businesses and investors face mounting challenges in structuring their financial affairs efficiently.
The United Arab Emirates (UAE) has emerged as a strategic jurisdiction for those seeking tax-efficient residency, global financial mobility, and regulatory stability.
With its zero personal income tax policy, extensive network of Double Taxation Avoidance Agreements (DTAAs), and business-friendly regulatory environment, the UAE presents an attractive option for individuals and corporations looking to optimize their tax structures while ensuring compliance with international tax laws.
In today’s fast-paced digital world, the way we pay is evolving just as rapidly as the technology around us. What once required cash or a plastic card can now be completed with a simple gesture, a tap, or even a glance. From swiping cards to waving hands, the future of payments is quite literally at our fingertips.
Welcome to the era of invisible transactions—where speed, security, and convenience rule. As consumer expectations shift toward frictionless experiences, payment methods are undergoing a quiet revolution. The days of fishing through your wallet are fading fast, replaced by contactless cards, mobile wallets, and now—your palm.
Mainland China and Hong Kong SAR
In the intricate dance of global innovation, China has emerged as the virtuoso of the payments revolution. From megacities to rural villages, QR codes and digital wallets are now ubiquitous.
- Digital Yuan (CBDC): As of May 2024, the Digital Yuan reached RMB 6.6 trillion in cumulative transactions—7.3x growth year-over-year, as per the People’s Bank of China (PBOC).
- Digital Wallets: According to Juniper Research, China leads the globe with 1.2 billion digital wallet users (Sept 2024), with 90%+ of mobile payments dominated by WeChat Pay and Alipay.
Palm Scan Payments: In May 2023, Tencent launched Weixin Palm Payment in mainland China. Users simply hover their hands over a sensor. Infrared cameras scan palm prints and vein patterns to identify and process payments in seconds. By late 2023, the technology had expanded to 1,500+ 7-Eleven stores in Guangdong.
The global biometric payment market is projected to reach 3 billion users and $5.8 trillion in transaction value by 2026 (Goode Intelligence).
Hong Kong, meanwhile, is also at the forefront of CBDC developments. With initiatives like e-HKD and Project mBridge, HK is aligning itself with the future of finance while maintaining strong credit card (34%) and prepaid debit card (38%) penetration. Mobile wallet use (25%) continues to grow.
Bharat (India)
India has emerged as a trendsetter in the global payments revolution. The Unified Payments Interface (UPI) lies at the heart of this transformation.
- UPI: 18.68 billion transactions were recorded in May 2025, a 4.4% rise over April, according to NPCI and The Economic Times.
- Digital Wallets: With 90.8% of India’s population using mobile wallets (Q4 2023), India leads globally (Merchant Machine, OpIndia).
- Smartphone Penetration: 85.5% of households own smartphones. 99.5% of youth (18–29) use UPI.
e-Rupee (CBDC): According to RBI and Times of India, e-rupee circulation jumped from ₹234 crore (March 2024) to ₹1,016 crore (March 2025), signaling growing faith in digital currency.
Biometric Payments: Palm vein scanning technology is gaining traction. Indian fintechs like Bajaj Finserv are exploring secure, contactless payment authentication. Global players like Amazon and Mastercard are also advancing similar solutions.
India’s payments revolution stands out for its blend of scale, innovation, and inclusion. With government-backed UPI, high mobile wallet usage, emerging biometric solutions, and a growing CBDC ecosystem, Bharat is poised to lead the next chapter of global FinTech evolution.
About the Author
Dr. Oriol Caudevilla is a globally recognized voice in FinTech. He advises FinTech companies, speaks internationally on CBDCs, AI, and blockchain, and hosts the popular A Digital Tomorrow podcast with over 11,000 YouTube followers. He holds an LLB, MBA, and PhD.
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🏷️ Tags:
Digital Wallets, Palm Payments, CBDCs, UPI India, Digital Yuan, Contactless Payments, Biometric Payments, FinTech Innovation, Payment Technologies, Mobile Wallets, A Digital Tomorrow