However, a digital payments boom has also led to an increase in fragmentation characterized by varying messaging standards, settlement times and operating hours. Payment preferences of users in the Asia-Pacific region vary greatly by country as each country in the region has its own regulations unlike large single markets in US, UK or Germany. As a result, there are multiple different payment solutions, ride hailing apps, messaging apps etc. in the region. For example, dominant e-wallets have a market share of around 90% in China, while credit cards are the popular choice in Singapore and Australia. The lack of interoperability across platforms in these markets curtail cross-border ecommerce opportunities.