
Emergence of payments landscape in 2022
CIO Review APAC | Wednesday, May 04, 2022

Companies and individuals are modifying by advancing themselves digitally by making a move to a new form of normal
FREMONT CA: Since 2021, a leap to a new normal has occurred, allowing individuals and businesses to reinvent themselves from the global event back in 2020. Undoubtedly, digital advances are accelerating, and the rate of change in the APAC and MENA areas is bringing many new perspectives into focus. Individual cashless projects are underway in each region, and the number of collaborations between financial institutions, telcos, FinTechs, digital finance start-ups, and policymakers has been unmatched.
There has been a significant increase in contactless payments and virtual cards in 2022. For example, in the digital banking shift, non-cash payment has become the main focus of innovation. Everyone from Apple to Facebook has tried to break into the industry in the previous two years.
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According to the whitepaper about the next wave in payment technology, the APAC region's payments industry has surpassed all others over the last decade. This region is also one of the top contributors to global payments revenue, with $630 billion expected in 2020.
On the other hand, the MENA region is capitalizing on this new market potential, with major banks launching digital banks that work in tandem with their traditional retail businesses. HPS customers have used the platform to introduce innovative products like virtual cards, where a consumer can quickly apply for and obtain a digital card as part of their attempts to provide digital-first consumer journeys. The card is ready to use right away and can be used with digital wallets like Apple Pay and Samsung Pay for in-store payments, as well as ATM and NFC withdrawals. In order to avoid any physical contact with the ATM, many banks have introduced a QR withdrawal service, where customers can withdraw cash simply by scanning a QR hassle-free.
Although cash payments have conventionally dominated the Middle East, there has been a continuous shift to digital payments as end-users demand this method to be more flexible, simple, efficient, customer-centric, and quick. The Middle East digital payments market is predicted to grow at a CAGR of 5-6 percent between 2021 and 2025, according to the whitepaper, building a future-ready payment platform.
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