The latest Global Payments Report highlights a significant shift towards “invisible” payments across Asia, as consumers increasingly demand convenience and speed. The report, discussed at a roundtable moderated by Phil Pomford, Executive Lead, Enterprise APAC, and Konrad Chan, Head of SMB, Asia, surveyed 42 major markets, representing 89% of global GDP. Industry leaders from Visa Asia, Panda Remit, Clockenflap Music and Arts Festival, and Snap Fitness participated in the discussion.
The report identifies five key shifts in payment behaviours, with in-store payment app value projected to grow at an 8% compound annual growth rate (CAGR) to 2030, outpacing the overall point-of-sale (POS) market by 135%. However, consumers still face challenges with cashless payments abroad. Initiatives like Project Nexus aim to address these issues by promoting QR code interoperability across ASEAN.
Digital wallets have become prevalent, with varying funding sources across regions. In Hong Kong, digital wallets have surpassed cards as the leading payment method, accounting for 41% of e-commerce and 45% of POS transactions. Singapore is following closely behind, with digital wallets gaining popularity.
The panel emphasised the importance of trust and “invisibility by design” in cross-border payments. Adeline Kim from Visa highlighted the pragmatic nature of APAC consumers, who push for value-driven payment options. Ken Zheng of Panda Remit noted the demand for transparency in remittances, whilst Pete Gordon of Clockenflap and Danny Diab of Snap Fitness stressed the need for frictionless payment systems.
As payment methods evolve, businesses must focus on ensuring security and reliability, making payment options seamless and “invisible” to consumers.
