Next-Generation Payments 2023





Opening Remarks


Welcome and introduction

An introduction to the conference sessions and discussions covering real-time payments, card payments, digital/mobile wallets and digital currencies.

Greg Pote, Chairman, APSCA


Keynote address from Bank Negara Malaysia Bank

Negara Malaysia discusses benefits from growing adoption of electronic payments, their contribution to economic development, financial inclusion and digital transformation.

Dr. Norhana Endut, Assistant Governor, Bank Negara Malaysia


Real-Time Payments


A new paradigm for consumer and merchant payments

Transforming Digital Payments

Real-time payments (RTP) are transforming digital payments for consumers, businesses and governments by delivering new levels of speed, innovation and efficiency to account-to-account (A2A) payments. In 2022, 64 marketshad live national RTP systems and more countries are set to launch. Growth is being driven by central banks and their national payment systems. Consumer and merchant adoption are driven by mobile QR-based RTP and low costs. Asia is a hotspot for real-time payments with some of the largest and fastest growing schemes.

  • Real-time payments typically launch with P2P credit transfers. What have proved to be best practices for expanding RTP usage and adoption to public and private sector applications (P2M, P2G, G2P,)?
  • In addition to government mandates and national payment systems driving consumer, merchant and corporate adoption, what compelling new e-payments use cases are offered by real-time payments?
  • Due to the speed and instant settlement nature of real-time payment systems, are specific transaction limits needed for security and risk management purposes? How should these be decided?
  • To what extent does implementation of a real-time payments platform offer synergies with, and even benefits for, the development and operation of a card and mobile wallet payments infrastructure?
  • Real-time payments offer less transaction fee revenue for banks than card payments - they could face loss of payments revenues from RTP growth. What new revenue streams can RTP offer?

Viewpoint 1: Maha El Dimachki, Centre Head, BIS Innovation Hub Singapore Centre [~20min]
Viewpoint 2: Qaiser Anwarudin, Director, Payment Services Policy Department, Bank Negara Malaysia [~20mi


Refreshments, Networking and Expo Viewing


Towards a new cross-border payments infrastructure

Globalising Real-Time Payments

RTP systems are already transforming local economies with faster, more innovative, more efficient and lower cost payments. The future success of real time payments will depend on how quickly and efficiently financial institutions can bring about global harmonisation of, and interoperability between, national RTP systems. Asia is a leader in linking national RTP systems to enable cross-border real-time payments. But the creation of a globally seamless RTP ecosystem still requires significant development and agreement between stakeholders.

  • Card payments have driven the global growth of e-payments for over 40 years. What can RTP systems operators learn from the success of a globally interoperable card payments infrastructure?
  • How relevant are card payments acceptance rules, customer protection guidelines, dispute resolution and grievance redress mechanisms for the development of cross-border real-time payments?
  • Merchants like the cost savings and improved liquidity offered by real-time payments. But RTP fraud is still relatively low - what is the future potential for fraud? Will it expand with cross-border payments?
  • Cross-border transactions that settle instantly introduce additional risk factors. What risk management mechanisms and frameworks can mitigate fraud, money laundering and other risks?
  • Linkages between ASEAN domestic real-time payments infrastructures are enabling development of a new cross-border payments network. Could this grow to become a "Single Asian Payments Area"?

Viewpoint 3: Pariwat Kanithasen, Deputy Director, Payments & Fintech, Bank of Thailand [~20min]
Viewpoint 4: Channa de Silva, Chief Executive Officer, LankaPay [~20min]
Viewpoint 5: German S. Constantino Jr., Acting Deputy Director, Payments Policy Group, Payments Policy and Development Department, Payments and Currency Management Sector, Bangko Sentral ng Pilipinas



Future objectives for real-time payments

Discussion: RTP Next Steps - Matching the Success of Card Payments

Over the last 40+ years card payments have been hugely successful in delivering a globally interoperable e-payments infrastructure for consumers, merchants, and businesses. Achieving similar success with real-time payments will require more than common industry standards (e.g. ISO 20022). In addition to a uniform and interoperable RTP acceptance infrastructure, consumers and merchants will need the same kind of protections provided by the global card payments infrastructure. Growth in authorised push payment (APP) scams is expected to double2 from 2021 to 2026 in the US, the UK and India (RTP facilitates most APP fraud). In contrast, card payment fraud losses are now relatively flat in most markets. What should be the next steps for real-time payments to match the success of card payments?

  • Maha El Dimachki, Centre Head, BIS Innovation Hub Singapore Centre
  • Qaiser Anwarudin, Director, Payment Services Policy Department, Bank Negara Malaysia
  • Pariwat Kanithasen, Deputy Director, Payments & Fintech, Bank of Thailand
  • Channa de Silva, Chief Executive Officer, LankaPay
  • German S. Constantino Jr, Acting Deputy Director, Payments Policy Group Payments Policy and Development Dept, Payments and Currency Management Sector, Bangko Sentral ng Pilipinas
  • Gary Yeoh, Chief Commercial Officer, Payments Network Malaysia (PayNet)




Card Payments


Innovation in card payments and acceptance

Face-to-Face Card Payments

Payment cards in circulation worldwide are forecast3 to exceed 28 billion by 2027 with international payment cards in APAC accounting4 for 49.05% of the world’s total purchases. Card-accepting merchant outlets globally are forecast5 to reach 109 million by 2027. Biometric CVM is an opportunity to make all F2F card payments "touchfree", reduce friction at POS and authenticate all contactless transactions. This session explores why, despite alternative payments growth, card payments, card issuance and card acceptance are still increasing.

  • From 2022 to 2027 the global biometric card market is forecast6 to grow at a CAGR of 117.76%. How are improved industrialisation, declining costs, business case and customer preferences driving this market?
  • For biometric payment cards to become BAU will require a harmonised testing and certification regime. How is EMVCo planning to support the growing use of biometric contactless payment cards?
  • Based on best practices developed by the payment card industry, including suppliers and card brands, what are the recommended approaches for customer biometric enrolment that issuers should adopt?
  • Global card-accepting merchant outlets are forecast7 to reach 95.9 million at end-2025 (more than half in APAC). How is EMVCo supporting growing use of consumer mobile devices for contactless acceptance?
  • A report8 found 24-31% of consumers in several Asian markets would prefer a metal card to a plastic card - what do issuers need to know about launching metal payment card products?
  • Sustainable cards are now a "must have" in card portfolios with issuance in the millions. How should issuers navigate the sustainability issue, avoid green-washing, and connect positively with customers?

Viewpoint 1: Oliver Manahan, Director of Engagement and Operations, EMVCo [~30min]
Viewpoint 2: Annick Alligier, Payment & ID Marketing Manager, STMicroelectronics [~15min]
Viewpoint 3: Fang Lu-Ruhbach, Senior Product Marketing Manager, Infineon Technologies AG [~15min]
Viewpoint 4: Atul Jain, Head of Business Development - Asia, CompoSecure &
Hari Velayudan, Co-Founder & COO, FPL Technologies [~15min]


The outlook for payment card products in APAC

Discussion: More Cards, More Card Products

Forecasts that the payments industry would reach “peak card” and card payments would be replaced by instant payments, open payments, account-to-account payments, have not yet come to pass. Card BINs were recently extended to cater for new issuers, and payment card tokenisation. An increasing number of neobanks and fintechs are launching physical payment cards to accompany their digital payments products. Over the coming 12 months, what are likely to be the fastest growing new payment card products: biometric payment cards, eco-friendly sustainable payment cards, or metal payment cards? How will the success of these products vary over different geographies in APAC? What role will the changing acceptance footprint have on the growth of card payments in Asia?


Refreshments, Networking and Expo Viewing


Securing and simplifying online card payments

E-Commerce and Online Card Payments

EMV chip cards are a proven global solution to card-present fraud; today most payment fraud originates from card-not-present (CNP) transactions. According to the European Central  Bank9 , CNP fraud accounted for approximately 84% of total card fraud in 2021. The pandemic significantly boosted e-commerce transactions and CNP fraud is likely to increase. This session explores solutions available to card issuers and merchants for targeting the reduction of CNP fraud, as well as solutions to simplify online card payments and offer a more friction-free experience.

  • The latest version of 3D Secure (3DS2) has demonstrated significant improvements in targeting CNP fraud - what has changed, and how do customers, merchants and issuers benefit?
  • Risk-based authentication (RBA) for online commerce reduces friction by allowing low risk transactions to be authenticated without a challenge - how are risk profiles established and based on what decisions?
  • Some markets in APAC may not currently permit risk-based authentication. What is the benefit of 3DS2 for issuers in jurisdictions that require a challenge for all transactions?
  • How do EMV Secure Remote Commerce (SRC) specifications enable e-commerce solutions that can promote an enhanced online “merchant orchestrated” checkout experience for consumers?
  • dCVV2 (Dynamic CVV2) is a solution to help reduce CNP fraud using display cards or mobile devices. Based on its success and ease of implementation, is dCVV2 likely to be widely deployed by card issuers?
  • Payment tokenisation has strengthened the security of digital payments by limiting the risk associated with compromised, unauthorised or fraudulent use of payment card data. What are the benefits?

Viewpoint 5: Oliver Manahan, Director of Engagement and Operations, EMVCo [~15min]
Viewpoint 6: Cyril Lalo, Founder & CEO, Ellipse [~15min]
Viewpoint 7: Hanspeter Jsler, Managing Director, Netcetera [~15min]
Viewpoint 8: Gautam Pande, Vice President, Product Management, Mastercard [~15min]


Supporting the growth of e-commerce in APAC

Discussion: More Security, Less Friction

The pandemic significantly boosted consumer appetite for e-commerce and online payments; global ecommerce transaction value is forecast1 to grow from $6 trillion in 2022 to over $8.5 trillion in 2026. With the size and diversity of the region, are there market-specific customer behaviors and preferences for online shopping across Asia that need to be addressed differently? To protect CNP transactions, are there different approaches for customers using physical cards and customers using virtual cards in mobile wallets? Considering categories of online payment card fraud:

Synthetic identity theft                                          Fake web shops / page hijacking
Account takeover                                                  Social Engineering
Triangulation Fraud                                             Trojan fraud
Refund abuse and friendly fraud                       QR-Code fraud
E-mail phishing / fraud

What are the prevalent types of online payment card fraud in Asia-Pacific today? What are the best strategies to secure online card payments while protecting consumers and merchants from fraud while also delivering an online card payment experience for consumers that is as frictionless as possible?



Close of Day 1

EMVCo Reception: Refreshments & Networking at Sasana Kijiang Foyer