Integrating payment solutions towards a cashless society
Asia remains a fragmented market in the digital payments space but more convenient and secure payment solutions are already available for businesses and customers.
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DRIVEN by increased smartphone penetration and a rise in digital payments adoption, Asia is widely accepted to be leading in mobile payments globally. A study by Kantar TNS found that over half of connected consumers in the Asia-Pacific region use mobile to pay for goods and services via apps, compared to consumers in North America and Europe.
Consumers today are embracing e-payments in almost every aspect of their daily lives due to the convenience and speed they bring. This is made possible with the increasing array of solutions such as digital wallets, mobile payment apps and stored value cards. At the same time, there's increased awareness of going cashless as more governments in Asia drive the payments transformation.
With e-commerce expected to be worth around US$88 billion by 2025, the majority of fintechs in the region have made payments their focus. According to UOB, 43 per cent of fintechs in the region focused on payments, and they are in the driver's seat of making a cashless society turn into a reality.
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