Fintech innovation, digital-savvy millennials, micropayments, mobile or e-wallets, instant payments, artificial intelligence (AI) and contactless payments are burgeoning in the APAC region. Today’s consumers use the smartphone for a myriad of tasks, and indeed, many are using it as their primary internet device. That usage extends to finance as well, and there are more finance-related transactions on the mobile in Asia than other parts of the world.
Consumers are now supporting the concept of “voice commerce” where they can order and pay using a few simple commands. AI technology enables consumers to quickly shop and pay for items without even having to surf through their device.
Using biometrics to authenticate payments ensures a more seamless experience for merchants and customers. The use of iris scanning, fingerprints, voice or facial recognition will free customers from the need to have a wallet or a smartphone when making transactions. Instead of relying on a single method to verify identity, multi-factor authentication that includes biometrics is the next big trend to watch in 2020 and beyond.
In the APAC region, blockchain technology is slowly but surely being embraced. Industry players in the private and public sectors are beginning to come together to leverage the potential of blockchain to simplify interpersonal and cross-border transactions.
This edition of CIOReview APAC features companies that are at the forefront of offering payment solutions. CIOReview APAC's editorial board has assessed and shortlisted some of the most prominent organizations in the industry that solve payment challenges by implementing the current technological trends in the space. We present to you – “Top 10 Payment Solution Providers in APAC – 2020”.