Cashless Society Forging ahead in Asia

January 7th, 2019

Nearly three-quarters of global payment transactions come from the Asia-Pacific region. Recently, however, payment revenues have surpassed those of Europe and North America to take a global lead!

There are predictions of rapid growth of digital payments in the Asia-Pacific region. Some believe the growing popularity of cashless payments in the Asia- Pacific region is unique compared to other markets where cashless payments have been around for quite some time. With the rise of online digital payments and store mobile payments, some of the nations in the region may become cashless in the next decade.

In the Asia-Pacific region mobile wallets are increasingly being used for payments. China is a leader in mobile payment usage. It is forecasted that in a decade over one-third of retail payments will be electronic in India.

Southeast Asia and India economies have some of the highest recent growth rates for B2C E-Commerce region wide and continue to rapidly grow. The adoption of electronic payment methods will only continue to expand as China is already the global leader in online retail sales with further online retail growth projections.

The government in Singapore has tried to influence its population to embrace mobile payments. In the latest measure, the city state has committed to reduce cash withdrawals at automated teller machines and phase out paper checks by 2025.

With the continued rise of e-commerce mobile payments and transactions, enterprises in the region must also be aware that security is imperative and needs to be built into mobile payments systems. A unified payment system that spans multiple countries and simplifies the exchange of money would make things a lot easier and would also be a boom for developing countries!

Tiger Consulting Asia has offices in six ASEAN countries and we are committed to making expansion and management of Asian and UAE operations easier for international businesses. Tiger Consulting's HR, Payroll, employment and business support services are managed by experienced teams on the ground in 16 locations: Australia, Cambodia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand, Vietnam, UAE and USA. The company currently serves 300+ businesses spanning industries including IT, telecom, social networking, fashion, finance, pharmaceuticals, travel, recruitment, Gas & Oil and hospitality. For questions about Tiger- Consulting’s HR, Payroll, PEO and business support services in Asia and UAE, contact sales@Tiger-Consulting.net

Sincerely,
Mercy Mildener
Public Relations and Marketing Consultant

Company News

Contact Us

Like us on facebook

Twitter

Previous Topic