7th November 2023
It is vital for travel companies to keep pace with the rapidly evolving payments landscape and continue to innovate to let travellers pay via the methods they value and prefer. Companies like Worldpay acknowledge that the way people pay in Asia-Pacific is diverging at pace from the rest of the world.
According to Cybersource, APAC merchants are embracing a broader approach than those in other regions – especially Europe – with the former group adding almost twice as many new payment methods as the latter, on average.
Driven by the relentless growth of WeChat Pay and Alipay, Worldpay forecasts that by 2025, e-commerce transactions made on digital wallets will make up over 72% of all transactions.
If travel brands are not responsive to trends like the rise of digital wallets, they risk losing revenue to companies that prioritize improving payment method diversification. “The society has changed (in terms of how we pay, for instance, mobile payments, BNPL etc.),” said Linus Goh during #ATPSAPAC in Bangkok in August this year.
He also underlined the developments such as financial inclusion and e-commerce growth in regions like South Asia and Southeast Asia. “Know your customers, look at demographics, unbanked consumers, the payment options, use of superapps…(in order to prepare for options like mobile wallets in markets in Asia as a travel merchant,” said Goh, who added that crypto is “sometime away”, more so on the B2C space.
Webinar alert: State of Payments in Asia 2023: With 2024 outlook
13 December, 2pm Sydney
This session is being organised with The Initiatives Group, which is Australia’s and Asia-Pacific’s premier payments-focused consulting firm. The Initiatives Group’s David Ojerholm will be sharing current trends in the payments industry, as well as offering insights in future trends to allow participants to get ahead of the market in 2024.
https://www.aiconnects.us/apac-state-of-payments/
By Ritesh Gupta, Ai Events
