27th August 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 payment methods they value and prefer.
In this context, merchants in the Asia Pacific region are moving more swiftly. Merchants in this region tend to accept more payment methods than average, while merchants in North America and SMBs accept fewer than average.
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. The usage of digital wallets was discussed by Linus Goh at the #ATPSAPAC last week.
According to Worldpay, e-wallets in APAC have been an effective way “for merchants to engage digitally disenfranchised buyers and now account for 69% of all transactions across the region”.
As for fraud, as also indicated by Cybersource, APAC merchants are more likely than those in other regions to experience both identity theft and loyalty fraud. Martin Lee referred to aspects like account takeover, and the rise in fraudsters’ activity, for instance, card testing.
By Ritesh Gupta, Ai Events
