New Digital Banking Report by BPC and Kapronasia Highlights Critical Insights for Payment Providers as Asia-Pacific Set to be the Fastest-Growing Region for Cashless Transactions

  • Digital banking
  • 01.06.2022 01:40 pm

BPC and Kapronasia today announced the launch of a new report that focuses on digital transformation in the financial services industry and key implications for payment players. The analysis comes as global cashless payment volumes are poised to almost triple by 2030, with Asia-Pacific set to expand the fastest, with cashless transaction volumes rising by 109 per cent from 2020 to 2025

By 2025, digital wallets are estimated to make up 72 per cent of APAC e-commerce payment methods, while cash will likely represent only 10.8 per cent of transactions. The report reveals five key findings that will equip payment providers to deliver effective end-to-end customer journeys and navigate this ever-changing environment. 

First, it is critical to focus on the customer experience, as both merchants and end-users have come to expect payment experiences that are frictionless and increasingly invisible. This ties into the second critical insight: as payments become more integrated into physical hardware, it becomes challenging for payment providers to produce this seamless customer experience across this-party channels. 

Thirdly, payment providers must be agile to adapt quickly to changes in the marketplace, with the architecture that allows for as-a-service offerings and effective collaborations with partners in the payment ecosystem. 

Fourth, with cybercrime on the rise, trust has become even more paramount. Customers must feel that their data is safe and secure, and payment players need to keep building and maintaining that trust with the appropriate security measures. 

The final lesson is that customers now expect hyper-personalised services and payment players that can bring together multiple data points to enable more robust customer segmentation, and more targeted value-added services will have a substantial competitive advantage. 

These five interrelated observations are underpinned by the need for a robust API platform as the critical enabler giving payment providers the agility to collaborate with a wide range of partners securely and safely.

“We’re excited to share our research and essential insights for banks, card companies, fintech and others looking to chart a new path forward for payments in the 21st century,” said Terry Paleologos, Managing Director, BPC Asia Pacific. “We think it’s important to outline crucial lessons that can help forward-thinking companies in the APAC region to make outside returns despite being in an enormously competitive and shifting market.”

For over 25 years, BPC has been at the forefront of the digital revolution. Serving 50 financial institutions, fintech and governments in APAC alone, BPC has enriched its SmartVista suite to respond to the growing demand for a digital lifestyle in areas such as banking, payments, financial inclusion and smart city services.

From Cambodia to the Philippines, Papua New Guinea to New Zealand and Bangladesh to Singapore, BPC addresses real-life needs with smart digital solutions, helping financial institutions and governments provide broader access to finance and digital services. BPC collaborates with large tier-one banks, neobanks, fintech and smaller microfinance institutions to place digital at the core of their strategy.

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