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Disintermediation in retail payments forcing banks to develop culture of digital finesse
Developing a convenient payments instrument even better and more secure in product application and usage is critical for market success.

Sep 12, 2013 | Research

Asia’s retail payments infrastructure is moving towards real-time, straight-through electronic processing. This is emphasised by the emergence of new payments devices as well as the rapid adoption of electronic and mobile payments. Customer expectations and behaviour are increasingly veering towards instant delivery and “always on” connectivity.

Innovation in both clearing and settlement is no longer the undisputed turf of established payments players. The emergence of new payments devices and non-device based payments (e.g. virtual cards, digital wallets), near-field communication (NFC) and mobile point-of-sale (mPOS), involves a much wider range of players in the value payments chain. In particular on the clearing side of payments, non-bank players are aggressively moving in.

 

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Categories: Cards, Channels, Innovation, Mobile Banking, Retail Banking, Retail Payments, Technology & Operations
Keywords: NFC, mPOS, Micropayments, PayPal, Visa, Shinhan Bank, Hana Bank, American Express, Westpac, Chinatrust Commercial Bank, DBS, Sandeep Lal, HDFC Bank, Parag Rao, HKMA, Peter Pang, M-PESA
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