Global mobile phone users are projected to reach 4.8 billion by 2025, compared with 2.8 billion users in 2020. Businesses are tapping into this vast market as mobile wallets gain an increasing share of the payments market.

Market development, operational challenges, and payment preferences are going to shape consumer engagement with the new instant payment platform

Several key themes emerged amidst the many discussions by global leaders in payments, including QR code, blockchain, credit card schemes, fintech and data consolidation

Most Asia Pacific markets have witnessed a slowdown in unsecured consumer loan growth, as regulations tighten and more alternative lending options are made available to borrowers. To stay relevant, banks are slowly digitising the business while also closely monitoring credit quality.

Credit card issuance and usage wane as digital and mobile payments increase in popularity.

Increasing adoption of digital payments has resulted in stiff competition within the industry. Non-bank payment players have become more aggressive, aiming to grow into full scale financial service providers.

The current disintermediation in payments and MSME lending marks the tip of the iceberg, and retail deposits may be the next battleground

An altered operating environment has led treasury to reprioritise their investment and liquidity management strategy, with cash management providers offering enhanced solutions

Alipay retains its top spot in this year’s ranking, while Apple Pay climbs higher with its expanded financial services ecosystem