Friday, 26 February 2021

Rapyd unveils payout and disbursement research, identifies preferences across Asia Pacific

Rapyd has announced the publication of the 2020 State of Disbursements: APAC Outlook Report. The research analysed existing and preferred methods for getting paid across several transaction scenarios, such as person-to-person (P2P, e.g. remittances or loans), business-to-consumer (B2C, e.g. salaries, wages, commissions and rebates), business-to-business (B2B, e.g. cross-border invoice payments) and government-to-consumer (G2C, e.g. government support or subsidies).

The 2020 State of Disbursements report provides gig economy platforms, e-commerce marketplaces and businesses with the actionable intelligence they can use across Asian markets to deliver more effective mass payouts to their beneficiaries.

In this inaugural study, Rapyd surveyed 3,500 online consumers from seven different countries in the Asia Pacific region, including India, Indonesia, Japan, Malaysia, Singapore, Taiwan and Thailand. Survey respondents were identified as household decision-makers aged 18 to 64 across a full spectrum of income levels and asked questions around banking and payment preferences, behaviours and concerns.

Key findings of the study include:

The report comes at a uniquely important time as the COVID-19 pandemic has created a massive global economic disruption. By analysing consumer preferences, Rapyd gives businesses reliable information at a time when the demand for alternative employment, delivery apps and digital marketplace models are growing, while rising unemployment levels could send millions of new workers into the gig economy.

"While data about how consumers prefer to make payments is widely available, businesses struggle to make payouts to gig workers, online sellers and B2B partners using the methods that these beneficiaries prefer and often require. Through this report, we are able to provide actionable information to global organisations as they make critical business decisions impacting both the short and long-term health of their companies," Rapyd’s head of global product marketing Brendan Miller said.

The report found that there is no one-size-fits-all approach to global payouts. Every country is unique in its preferences and digital leaders must be prepared to localise their payout experiences to drive beneficiary loyalty and engagement.

Re-disseminated by The Asian Banker

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