Digital transformation and the power of payments in APAC – Interview with Joseph Chan

Joseph Chan , CEO of AsiaPay , is taking the pulse of APAC’s payments landscape, providing insights into digital transformation, the power of payments, and staying agile. With consumers in APAC being keener on using new, alternative payment methods, which ones have the potential to further disrupt this industry, especially considering their impact on cross-border transactions? Alternative payment methods generally refer to payment methods other than credit card or bank card payments. On top of net banking, FPS, and OTC payments, digital wallets are a popular alternative in Asia, and they have the potential to become a leading payment method in the domestic and possibly cross-border business/ecommerce world. Examples include Alipay, WeChat Pay, LINE Pay, ShopeePay, GrabPay, and others, on top of domestic ones like GCash, TrueMoney, and Boost, among others. By 2025, Asia is forecasted to have 72% of online payments made by e-wallets, according to Tech Wire Asia – and digital wallet users find them safer and more secure due to the authentication process and the spending limit. Additionally, digital wallets can support a diversity of cross-border businesses, as buyers can easily access them and pay with a single tap anywhere, on a smartphone or wearable devices. […]

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