Asia-Pacific payments industry continues to outpace all the other regions, new HPS report finds

SINGAPORE and LONDON, Oct. 28, 2021 /PRNewswire/ -- The latest whitepaper commissioned by HPS highlights the considerable rise in the number of contactless payments and the use of Cacross key markets in Asia-Pacific (APAC) – and growth is forecasted to accelerate even further by 2023.

Historically, APAC's payments industry has outpaced all other regions over the past ten years. The region is currently one of the largest contributors to global payments revenue, generating $630 billion in 2020.

The report outlines the trends, challenges, and opportunities around card payments technology in the APAC region and provides analysis and recommendations.

Key findings include:

• Consumer expectations towards frictionless payments are inspiring new payments solutions, creating opportunities to boost efficiency and enhance customer experience. Further, digitization of payments and contactless options are becoming increasingly important to support business continuity.
• Card payment technology at the backend is undergoing transformation. Banks must ensure that systems at the backend are flexible and ready to support this transformation to ensure seamless customer experience encompassing instant issuance of cards, conversion of card request to card number, and API activation, among others.
• Flexibility is the key in card issuing that enables customers to cover any card product from credit, debit, prepaid, or loyalty and service both physical cards and virtual cards issued for phones or other devices. Banks need to focus on developing a single modular technology solution that supports the entire payments value chain.

Download "The Next Wave in Card Payments Technology in APAC" here.

About HPS

HPS is a multinational company and a leading provider of payment solutions for issuers, acquirers, card processors, independent sales organisations (ISOs), retailers, mobile network operators (MNOs), and national & regional switches around the world.

PowerCARD is HPS' comprehensive suite of solutions that covers the entire payment value chain by enabling innovative payments through its open platform that allows the processing of any transaction coming from any channel initiated by any means-of-payment. PowerCARD is used by more than 450 users in over 90 countries.

HPS is listed on the Casablanca Stock Exchange since 2006 and has offices located in major business centres (Africa, Europe, Asia, Middle-East).

For more media information or to schedule a meeting with HPS, please contact [email protected]

About IBS Intelligence

IBS Intelligence (IBSi) is the world's only pure-play Financial Technology focused research, advisory, and news analysis firm, with a 30-year track record and clients globally. We take pride in covering 400+ technology vendors globally – the largest by any analyst firm in this space. https://ibsintelligence.com/