"A golden age of fintech with Asia expected to lead by revenues in 2030."
Asia's fintech market is on fire in the year of the dragon!
Great read from Paypers on the Future of Payments. What I like about this report is that the sections are all written by industry professionals who are at the top of their game.
This report has something for everyone and is not about a futuristic view of payments so much as very real payment changes that are being implemented now and will be used in the next few years.
👉TAKEAWAYS
My top four favorite chapters and trends
🔹A2A payments challenge card dominance: Pg 18
A2A payments are set to directly challenge card payments in ecommerce, particularly impacting European markets. A movement is underway to reduce the primary role of cards, driven by a desire to cut costs for merchants and commoditise payment services.
🔹Cross-border payments are undergoing a major transformation: Pg 25 See editor Mirela Ciobanu’s great overview
The cross-border payments industry is poised for significant change, led by a focus on real-time, interoperability, and cost-effectiveness. Fintechs are the main focus as they are building the infrastructure for real-time cross-border transactions.
🔹Public digital infrastructure gains traction: Pg 14 See article on India Payments
The trend towards public digital infrastructure, similar to India’s India Stack, is anticipated to gain global traction. Recognising its pivotal role in fostering a thriving digital economy, more countries are expected to explore its development.
🔹The Global Drive Towards Real-Time Payments: a Win-Win for Economies Worldwide: pg 43
I picked this chapter above the others because the author highlights the boost to GDP as the rationale behind real-time payments, whether they are CBDC or A2A. This is something that seems to be overlooked.
EU Open Banking is still leading with the largest number of API’s and Development Portals. Great read on how banks are playing a game of catch-up with fintech by Innopay on page 36.
👊STRAIGHT TALK👊
This is a solid read and while I’ve picked out my favorite four articles among the sixteen, yours may differ.
Astute readers may note that the chapters on CBDC were not among my top 4! The CBDC chapters are indeed great, but the real-time payment chapter shows WHY we need both CBDC and instant A2A payments for the boost in GDP they can deliver.
The report anticipates a golden age of fintech with a focus on Asia leading in revenue by 2030. That’s a prediction you can bank on. Looking at many of the top trends, Asia’s fintechs are still in the lead. See Elevandi’s contribution page 8.
Thoughts?
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