HONG KONG, China – Global market research company Euromonitor International revealed today the new report “Fintech in Asia Pacific: Digital Payment Platforms”. Consumer transactions generated from card and electronic payments in Asia Pacific (APAC) are set to double by 2024 according to Euromonitor, growing from US$18.7 trillion in 2018 to US$39.4 trillion in 2024.
Fintech is providing values to both consumers and merchants through enhanced convenience and accessibility, and the APAC region represents the best example on how Fintech has fundamentally changed the three main categories in digital payment platforms.
Mobile payments and wallets
The technology is driving the shift towards a cashless society. Both merchants and financial institutions can now reach the unbanked consumer base, a prominent consumer type in the emerging markets in APAC.
Remittances and international transfers
Remittance is one of the most crowded market as different type of companies become more involved globally. Simplicity and affordability in transferring money abroad is greatly enhanced by Fintech and is becoming a serious threat to traditional financial institutions in losing this revenue stream.
Mobile point of sale
Initial investment and fees in the point of sale system can be relatively costly for small businesses. Fintech lowers the infrastructure cost for merchants in accepting cash-alternative payments, while QR code payment is currently the leading solution in the region.
Kendrick Sands, head of consumer finance at Euromonitor International comments: “The future of digital payment platforms in APAC is promising, thanks to a supportive regulatory environment and an increasing consumer demand for financial services. Continued investment in innovation and expansion in the range of offered services will be the key to remain relevant in this digital era.”
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