According to the press release, the analysis comes as global cashless payment volumes are poised to almost triple by 2030, with Asia-Pacific set to expand the fastest, with cashless transaction volumes rising by 109% from 2020 to 2025.
By 2025, digital wallets are estimated to make up 72% of APAC ecommerce payment methods, while cash will likely represent only 10.8% of transactions. The report reveals five key findings that will equip payment providers to deliver effective end-to-end customer journeys and navigate this ever-changing environment.
First, it is critical to focus on the customer experience, as both merchants and end-users have come to expect payment experiences that are frictionless and increasingly invisible, the report explains. This ties into the second critical insight: as payments become more integrated into physical hardware, it becomes challenging for payment providers to produce this seamless customer experience across this-party channels.
Thirdly, payment providers must be agile to adapt quickly to changes in the marketplace, with the architecture that allows for as-a-service offerings and effective collaborations with partners in the payment ecosystem. Fourth, with cybercrime on the rise, trust has become even more paramount. Customers must feel that their data is safe and secure, and payment players need to keep building and maintaining that trust with the appropriate security measures.
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