Payments are a key battleground in financial services, and rightly so. “On the banking side,” PayU CEO Laurent le Moal observed, “banks have disregarded payments. Now, they’re starting to realise, because of the importance of data, that it’s a strategic asset. Payments is a stepping stone into financial services.”

Several key themes emerged amidst the many discussions by global leaders in payments. First, the QR codes that are driving acceptance of these new payments players are likely only an interim innovation Then, card schemes are trying to fight back. And finally, key trends driving payments are likely to be data and consolidation.

Insights from these leaders can help existing payments providers tremendously in developing their own strategies so that they stay relevant, avoid getting out-manoeuvred and continue to power their payments business ahead.

QR is Just an Interim Step for Acceptance

QR codes have played a key role in the recent growth of electronic acceptance, and they’ve started to transform acceptance in developing markets across other parts of Asia as well.

“In developing markets,” said YeePay co-founder Chen Yu, “there is a good chance of success. QR code acceptance is huge in China and will grow next in Southeast Asia. It’s not as popular in the US. In the developed markets, you have solutions like cards.”

A key advantage of QR, Yu said, is that it has a low entry barrier for merchant adoption and is independent of smartphones. QR codes are also easier to integrate with merchants’ backend systems and can be used for payments as well as for rewards. While NFC Is easier to use, as UnPay co-founder Jenny Zhao also noted, NFC standards are driven by the phone manufactures and have incompatible ecosystems. 

A growing trend, OCBC head of digital payments Milind Sanghavi said, is a unified interface, such as the one that has been rolled out in Singapor...

Categories:

Keywords:Financial Services, Digital Payments, Cross-border, Technology, Blockchain, Qr Codes, Biometrics, Fintech, User Experience, Credit Card, Payments

Payments are a key battleground in financial services, and rightly so. “On the banking side,” PayU CEO Laurent le Moal observed, “banks have disregarded payments. Now, they’re starting to realise, because of the importance of data, that it’s a strategic asset. Payments is a stepping stone into financial services.”

Several key themes emerged amidst the many discussions by global leaders in payments. First, the QR codes that are driving acceptance of these new payments players are likely only an interim innovation Then, card schemes are trying to fight back. And finally, key trends driving payments are likely to be data and consolidation.

Insights from these leaders can help existing payments providers tremendously in developing their own strategies so that they stay relevant, avoid getting out-manoeuvred and continue to power their payments business ahead.

QR is Just an Interim Step for Acceptance

QR codes have played a key role in the recent growth of electronic acceptance, and they’ve started to transform acceptance in developing markets across other parts of Asia as well.

“In developing markets,” said YeePay co-founder Chen Yu, “there is a good chance of success. QR code acceptance is huge in China and will grow next in Southeast Asia. It’s not as popular in the US. In the developed markets, you have solutions like cards.”

A key advantage of QR, Yu said, is that it has a low entry barrier for merchant adoption and is independent of smartphones. QR codes are also easier to integrate with merchants’ backend systems and can be used for payments as well as for rewards. While NFC Is easier to use, as UnPay co-founder Jenny Zhao also noted, NFC standards are driven by the phone manufactures and have incompatible ecosystems. 

A growing trend, OCBC head of digital payments Milind Sanghavi said, is a unified interface, such as the one that has been rolled out in Singapor...

Categories:

Keywords:Financial Services, Digital Payments, Cross-border, Technology, Blockchain, Qr Codes, Biometrics, Fintech, User Experience, Credit Card, Payments