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Report from the 8th ASIAN PAYMENT CARD FORUM
21-22 September 2017, Mumbai

The 8th Asian Payment Card Forum was organised by APSCA and hosted by the National Payments Corporation of India (NPCI) in Mumbai on 21-22 September.

The theme of the forum was "From Cash to Digital Payments" and focused on best practices for driving the consumer payments landscape towards a digital payments future.

Of the 300+ delegates from 10 markets in South Asia, Asia Pacific and Europe,
more than 50% were banks, payment schemes, payment services providers
and transport ticketing operators.

- The 8th Asian Payment Card Forum had the strongest focus on contactless acceptance in its seven year history with more than half the forum sessions focused on contactless acceptance and payments for retail, public transport and smart city applications.

- The 2017 forum was the first industry event to explore the combined contactless acceptance opportunity of retail contactless payments and contactless transport payments, including both closed-loop and EMV open-loop payments in public transport.

- Holding the forum in India was an opportunity to also explore alternative payments including a variety of mobile payment solutions based on QR codes, "audio QR" and biometrics and running over legacy card-based networks as well as instant payments over the Internet.

- With over 1.3 billion people, India is the largest market opportunity for digital payments. The opportunity to convert cash transactions to digital payments has been estimated as being in the range of US$500 billion by 2020.

- Although India is a developing country currently dominated by cash transactions there are a plethora of new digital payments initiatives being launched by government, financial and non-bank stakeholders, aimed at all tiers of the customer demographic.

- With EMV migration, retail and transport contactless payments; mobile contactless, QR code-based and sound-based payments; real-time "instant" mobile P2P payments; and accelerating e-commerce - everything in payments is happening in India today.

- One of the challenges for India it is that in giving consumers so many options to replace cash with digital payments, some level of harmonization or consolidation may be necessary to prevent fragmentation of this new e-payments market.

- Another concern is that many of the consumers in India now adopting these new payment solutions are less familiar with e-payment products and customer education and protection to understand appropriate security practices will be important.

PHOTOS FROM THE FORUM: Check out photo highlights from 8th Asian Payment Card Forum HERE

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