The Next Wave in Card Payments Technology in APAC
Asia-Pacific’s (APAC) payments industry has outpaced all the other regions over the past decade. This region is also one of the largest contributors to global payments revenue, generating approximately $630 billion in 2020.
However, revenue is only a fraction of the story. Payments continue to remain the bedrock of customer relationships in APAC, providing banks an opportunity for ongoing engagements, delivering stand-out customer experiences, and boosting innovations in payments technology.
Heading into 2021, several trends are setting a path for the continued growth of payments across Asia. Chief among these trends include a growing number of connected and digitally active consumers, booming e-commerce markets reinforcing the need for innovative payments technology, and regulators standardizing infrastructure while encouraging competition.
The impact of COVID-19 has further accelerated several ongoing trends in APAC’s payments landscape. Notably, there has been a considerable rise in contactless payments and the use of virtual cards.
This report, commissioned by HPS and produced by IBS, outlines the trends, challenges, and opportunities around card payments technology in APAC region and provides analysis and recommendations.