Next-Generation Payments 2026

Registration

Welcome and introduction
An introduction to the conference sessions and discussions covering card payments, mobile wallets and digital banks, real-time payments, and digital currencies.
Greg Pote, Chairman, APSCA

Keynote address
The opening keynote reviews current trends and advancements in Asia Pacific payments, highlighting recent progress and future challenges. It explores strategies to accelerate development, focusing on innovative business and tech approaches, and stresses the need for stakeholder collaboration to build trust and ensure inclusivity.
Speaker to be advised

Solutions for Onboarding More MSMEs into Asia’s Digital Economy
Micro, small, and medium-sized enterprises - over 97% of businesses in Asia-Pacific - are central to the region’s development. Yet across ASEAN, many micro and informal merchants remain excluded from the opportunities and synergies of the digital economy. This session explores the barriers to digital payments acceptance - from costs and trust to infrastructure gaps - and examines strategies to onboard smaller merchants. Addressing these challenges is key to unlocking growth, financial inclusion, and greater resilience for millions of businesses across the region.

• What effective channels could encourage cash-based micro merchants to adopt digital payments? Government assistance and education programs or industry merchant education and recruiting?
• Which leading concerns are keeping micro merchants from adopting digital payments - fear of revenue or funds loss, or the perceived complexity of their PSP requirements and managing digital transactions?
• How can programs be designed to assist specific MSME categories (e.g. most nano and micro merchants in ASEAN are female) to use and become familiar with digital accepting payments?
• What streamlined KYC and merchant registration processes with tiered risk-based due diligence, could reduce barriers for onboarding micro and informal businesses into the digital payment ecosystem?
• What self-service digital onboarding solutions that satisfy KYC requirements can allow MSMEs to more easily apply for and manage their own payment solutions online and with minimal overhead and costs?
• Beyond omni-channel acquiring solutions, what value-added services do MSMEs need (e.g. inventory management, loyalty programs, digital finance tools) to help them integrate into the digital economy?
• How can we extend the digital economy to ensure that micro and nano merchants that accept electronic payments can then use e-money in their own business, for example to pay their own suppliers?
• How can micro merchants be abstracted from the overhead and expense of consumer and data protection requirements while meeting evolving public and private sector data privacy regulation?

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Refreshments, Networking and Expo Viewing

Enabling MSMEs to Thrive in Asia’s Digital Payments Ecosystem
Enabling Asia-Pacific’s micro, small, and informal merchants to accept and grow digital payments requires innovative, mobile-first solutions that address barriers like high setup costs and low digital literacy. Rapid growth of real-time payments and mobile wallets reflect the region’s unique dynamics and present the strongest opportunity. Rising tourism adds further incentive for even the smallest merchants to embrace cross-border payments. Meanwhile, affordable card acceptance solutions are expanding options, making digital payments accessible across all merchant segments. This session covers innovations enabling MSMEs in APAC to unlock digital payments.

• In ASEAN markets alone, there are 70 million MSMEs, many still offline. What’s stopping micro and small merchants from entering the digital economy and leveraging e-payments?
• How can we create a supportive ecosystem that equips micro-merchants with the skills and tools to thrive in digital finance - while prioritising consumer protection at every step?
• Asia’s MSMEs have diverse business types, payment preferences, and acceptance needs. Is this an opportunity for a new breed of acquirer offering integrated merchant payment/acceptance solutions?
• Smooth, consistent and reliable digital payments are essential for building merchant and customer trust. What types of glitches risk undermining confidence in digital payment acceptance?
• How can MSMEs be supported with efficient, low-cost dispute resolution management for high volumes of low-value disputes? Does this require industry collaboration, guidelines, or rulebooks?
• What low-cost, easy-to-use payment acceptance tools (e.g., QR soundboxes, mobile POS, app-based acceptance minus extra hardware) can help micro and nano merchants start accepting digital payments?
• What level of MDR should micro merchants be charged? Should they be allowed to accept payments as (free) P2P transfers? Up to what payments volume? How does this impact merchant onboarding?
• MSMEs have lower payment volumes than corporates but typically form the majority revenue for acquirers. Why is this opportunity set to expand as digital payments rise?
• Who are the best organisations to sign up MSMEs in Asia Pacific for merchant acquiring services: banks, mobile wallets, paytechs, integrated software vendors (ISVs), payfacs, other fintechs?

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The challenge: MSMEs are highly diverse - small merchants range from mobile sole traders to traditional family shops with limited financial literacy to tech-savvy e-commerce sellers. Acceptance solutions for digital payments must be flexible, inclusive, low friction. Merchant service charges need careful design but zero MDR is usually problematic.

Are segmented strategies for onboarding MSMEs the best approach? …

• Nano/informal: assisting the personal-to-business payments transition.
• Sole traders: build tech/financial literacy, digital transactions/funds management
• Micro/physical shops: focus on affordability, offline capability, and simplicity.
• Small/medium retailers: emphasize integration with inventory, accounting, and loyalty.
• Online sellers: enable seamless e-commerce plug-ins, checkout APIs, and marketplace integration.

How can MSMEs be attracted to onboard and accelerate adoption of digital payments through bundled value-added services? How can digital payments be positioned as a gateway to services MSMEs value most - microcredit, digital bookkeeping, inventory financing, insurance, and cross-border commerce? This approach should emphasize the business case: faster settlement, reduced cash-handling costs, and access to working capital enabled by digital transaction histories.

For nano and micro merchants how can the industry build financial and digital literacy by partnering with industry associations, fintechs, governments to run training and awareness programs (in local languages) on the benefits of digital payments, digital security, and financial management? Could this include showcasing success stories of similar MSMEs to reduce scepticism and build trust?

Which organisations are best-placed to provide MSMEs with omni-channel acceptance and value-added payment services? What payment solutions will enable micro and nano merchants to accept mobile e-wallets, real-time payments, cards - and offer value-added services such as cash flow management, lending and digital finance tools tailored to MSMEs' specific needs?

Leveraging public-private partnerships: how far are governments willing to incentivise digital payment acceptance with tax breaks, fee subsidies, or co-funded infrastructure programs? Can the industry - payment networks, banks, fintechs - be encouraged to partner to create interoperable systems so that merchants do not face fragmentation or multiple onboarding hurdles?

By combining simple onboarding, tailored solutions, education, bundled value, and supportive policy, MSMEs of all sizes and levels of digital maturity can be enabled to accept and grow electronic payments. This not only broadens their participation in the digital economy but also drives inclusive growth across the Asia-Pacific region.
6 Discussants

Lunch

Broader Access, Increased Velocity, Higher Volumes
Digital payments continue to surge across Asia particularly in emerging markets - driven largely by mobile e-wallets and QR-initiated real-time account-to-account (A2A) transfers. In many Asian markets, non-bank mobile e-wallet payments now lead or are overtaking traditional card payments. This session explores how industry can continue to build inclusive and widespread adoption of digital payments to ensure that every customer - unbanked or underserved - finds it easy to get started and then makes cashless payments part of their everyday life.

• Card payments remain relevant and stablecoins are gaining traction, but mobile wallets and real-time A2A apps now dominate - can they bring the remaining unbanked into the digital payment ecosystem?
• Are current e-KYC models sufficient to easily onboard unbanked customers to digital payments? Do emerging unbanked segments require new e-KYC tiers? Are digital identities improving the process?
• What keeps unbanked customers from adopting digital payments? Is it limited device access, poor connectivity, weak cash-in/out networks - or simply the perception that cash is cheaper and easier?
• Is this a financial literacy challenge? Do unbanked customers just need more education about the benefits of digital payments - security (less theft than cash), convenience, access to remittances?
• To increase digital payments by underserved customers, what can mobile e-wallets, banks, RTP operators, PSPs and governments do that they are not already doing? Where are the sticking points?
• How can a real-time payments scheme support a healthy (i.e. profitable) ecosystem for stakeholders while also ensuring that consumers and MSMEs benefit from cost-efficient payment services?
• In China, (free) P2P transfers built trust and familiarity with digital payments, making mobile payments a daily habit. Are we making the most of P2P to drive similar adoption in Asia Pacific?
• What gaps remain in making digital payments more accessible, affordable, secure, user-friendly, and rewarding than cash - ensuring all consumers and merchants can participate in the digital economy?

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Real-time A2A payments and mobile wallets are the dominant and fastest-growing payment method across most of APAC. In 2024, the global average of real-time payments (RTP) was 352 per capita3, with Asia Pacific leading at 499 RTP per capita, largely due to China's enormous transaction volumes. Without China, the global average drops to 103 RTP per capita and Asia Pacific drops to 113 per capita - both lower than Africa and Latin America. So, APAC (outside China) needs to increase its RTP per capita. If we want to grow digital payments - what are the key factors influencing adoption?

How can we develop an actionable framework to address these factors?

• Pricing: Zero P2P (at least for “on-us”) and low P2M transaction fees, cash-in promotions, loyalty points and coupons. Government subsidies will also help.
• Trust & Security: Clear consumer protection, fraud safeguards, and transparent dispute resolution. Important before users form the habit of making digital payments.
• Lifestyle Fit: Seamless integration into daily routines (QR at hawker stalls, ride-hailing, utility bills). Needs to support customers in both urban and rural environments.
• Convenience: Widely accepted, fast transactions with minimal data and technology requirements, intuitive use interfaces for both online and offline transactions.
• Value-Added Services: Access to credit, savings, digital financial services, as well as private/public provident and social protection schemes - after digital history is established.
• Government & Ecosystem Push: National QR and NFC standards, real-time payment rails, public campaigns promoting the convenience and benefits of “less-cash” societies.
• Society: Socially driven adoption (see P2P) to boost take-up, facilitate financial inclusion and create a foundation for a rapid, large-scale transition from cash to digital transactions.

Shifting Behaviour and Forming Habits: P2P payments should not be underestimated - in China their widespread adoption reshaped consumer behaviour, normalising mobile-first transactions and making digital payments a new habit for many activities, from everyday purchases to e-commerce.

Economic Sustainability: Pricing is a key factor, but the sustainability of digital payments is important. Profitability remains a challenge for digital payments providers, leading mobile wallets to diversify into financial services, merchant services, and lifestyle offerings (and more) to monetise better.

Actionable Framework
1. Onboard the Unbanked: Lower barriers (tiered KYC, cash-in networks, offline wallets)
2. Activate the Underserved: Make digital cheaper, safer, and more rewarding than cash
3. Build Stickiness: Offer value-added services and lifestyle integration that cash cannot provide

This combined approach addresses trust, cost, relevance, and access - the four biggest levers for moving both unbanked and underserved populations toward sustained digital payments adoption.
4 Discussants

Refreshments, Networking and Expo Viewing

New Models Reshaping Asia’s Payment Ecosystem
Card payments remain central to Asia’s digital payments growth, supported by broad and expanding acceptance. Innovations in acceptance technology are making cards more viable for MSMEs as well as larger merchants, while OEM-pay wallets extend card payments use to virtual cards. Mobile wallets increasingly rely on cards for issuance, funding, and cross-border acceptance, finding them more profitable than QR. Meanwhile, domestic EMV contactless debit schemes are emerging as cost-effective alternatives to global networks. With proven consumer familiarity, security, and new ESG-focused innovations, card payments continue to underpin Asia’s digital economy.

• How can card payments remain relevant in Asia’s fast-evolving digital landscape where mobile wallets, QR codes, and real-time payments dominate consumer adoption and merchant acceptance?
• With new acceptance innovations lowering costs, how can MSMEs in Asia leverage card payments to expand customer reach and grow revenue further, compared to relying solely on cash or QR payments?
• Card payments underpin Asia’s mobile e-wallet ecosystem; many wallets use card funding and operators issue scheme-branded cards. Will mobile e-wallets continue to drive growth in card payments?
• Tokenisation now enables mobile e-wallet and RTP accounts to be used like EMV virtual cards to make open-loop tap-to-pay contactless transactions at POS. Is this expected to see widespread adoption?
• If Asian e-wallets launch tap-to-pay by account for contactless in-store (and mobility) payments, how will they balance card-linked profitability with merchant demand for instant QR-based A2A payments?
• Asia’s domestic EMV contactless debit schemes offer least-cost routing for merchants. How should national payments operators expand these schemes while balancing global interoperability needs?
• As Asian consumers embrace contactless card payments, and MSMEs adopt lower cost card acceptance solutions, how can issuers and merchants ensure both convenience and strong security?
• New card technologies promise improved sustainability and lower ESG impacts. How important are eco-friendly payment innovations for banks, merchants, and consumers in Asia?

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Asia’s rapid growth of QR codes, mobile e-wallets, and real-time payments is creating new growth in digital payments. But RTP growth does not come at the expense of card payments4 which remain a cornerstone of Asia’s digital economy. Their reach continues to expand as acceptance technologies become more affordable for MSMEs and as OEM-pay wallets are extending card use from plastic to virtual. Mobile e-wallet operators rely on cards for funding, cross-border payments, and branded issuance - and are now enabling open-loop EMV contactless payments directly from wallet balances. This offers more convenient local and cross-border payments - and more revenue for operators. Meanwhile, domestic EMV contactless debit schemes are positioning themselves as cost-effective, least-cost routing alternatives to global networks. Familiar convenience for consumers and proven merchant security is why tokenised card-based payments are now being enabled for AI agents. With new ESG-focused innovations in card technologies and acceptance devices improving sustainability, the card ecosystem continues to evolve. The key question: how can card payments remain relevant and competitive in Asia’s fast-changing digital landscape while continuing to drive merchant acceptance and consumer adoption? Or are card payments and acceptance already adapting to new realities?
4 Discussants

Close of day 1

Introduction to day two
A recap of day 1 discussions and introduction to day 2 conference sessions and objectives.
Greg Pote, Chairman, APSCA

Strategic Pathways for Wallet and RTP Operators Embracing Tap-to-Pay
QR code-based payments dominate Asia's mobile wallet and real-time payment (RTP) ecosystems, enabling rapid merchant acceptance at minimal infrastructure cost. But as contactless acceptance infrastructure expands and consumer expectations evolve, mobile e-wallet and RTP operators are exploring transitioning to NFC tap-to-pay technology to streamline merchant acceptance, improve customer experience, enhance security and financial inclusion, and access new revenue opportunities. Two distinct models are emerging: EMV tokenised account-based NFC; and QR data transmission via NFC. Each approach presents different trade-offs in interoperability, merchant acceptance infrastructure requirements, consumer experience, business models, regulatory treatment, and implementation complexity. This session explores how payments systems operators can evaluate these architectural paths, examining technical specifications, commercial implications, acceptance network strategies, tokenisation versus QR-over-NFC economics, cross-border compatibility, and practical implementation roadmaps that align technology choices with market positioning and ecosystem sustainability objectives.

• What are the commercial and technical factors driving e-wallets and real-time payments systems operators to explore transitioning from mobile QR code-based payments to NFC-based payments?
• What considerations should operators weigh when choosing between emerging EMV tokenised account tap-to-pay (Card Emulation mode) and QR-over-NFC (Reader/Writer mode) payment models?
• How do the models differ in scalability, security and interoperability? What lessons have emerged from live deployments of EMV tokenised account-based NFC; and QR data transmission via NFC?
• EMV tap-to-pay works at existing contactless terminals, while QR-over-NFC requires NFC-enabled devices on QR payment rails - what are the practical implications for merchant acceptance rollout?
• Which approach is likely to require less infrastructure investment, easier integration with existing wallet applications and backend payment processing systems, and a faster time-to-market?
• In fragmented acceptance markets, which approach better supports financial inclusion? Could hybrid strategies that use both emerging NFC models work without confusing merchants or consumers?
• QR-over-NFC will likely maintain QR-code MDR levels in domestic pricing models. How will EMV tokenised NFC - with interchange fees and card network participation - be able to compete on costs?
• For EMV tokenised account tap-to-pay, mobile e-wallets or RTP systems operators could partner with either a domestic or international payment scheme - what would be the pros and cons either way?
• EMV tokenised account tap-to-pay shifts transactions from RTP to card rails while switching from push to pull payments. Are there implications for consumer protection, liability allocation, dispute resolution?
• How will NFC tap-to-pay revenues/costs fit with public policy objectives of national payment systems, and mobile wallets business objectives, for financial inclusion and onboarding underserved merchants?
• EMV tokenised NFC offers instant global acceptance, while QR-over-NFC needs bilateral agreements. Which model better positions operators for regional expansion and cross-border payments?
• Will these architectural choices reshape wallet operator revenue streams, merchant economics, and the sustainability of free or low-cost payment systems that drove Asian digital payments adoption?
• What are the technical complexity differences (and device requirements) between implementing NFC Forum Card Emulation (HCE/tokenisation for EMV) versus Reader/Writer mode (QR data over NFC)?
• Are different NFC tap-to-pay acceptance solutions required for different categories of merchants (e.g. retail vs public transport)? Will entry-level, low-cost acceptance approaches be required?

Panel Discussion: Mobile Wallets, Payments Systems, Technology and Standards Experts

Refreshments, Networking and Expo Viewing

Balancing Innovation, Oversight, and Adoption in a Tokenised Money World
Asia-Pacific is becoming a testbed for regulated digital currencies, with attention shifting from CBDCs and tokenised deposits toward stablecoins. Despite claims of US$30 trillion in 2024 volumes, stablecoins still account for less than 1% of global daily transfers. Their appeal lies in instant, low-cost cross-border use cases such as remittances and B2B payments, though concerns around regulation, interoperability, and monetary sovereignty persist. Alongside unified ledgers and tokenised deposits, a hybrid ecosystem of CBDCs, stablecoins, and deposit tokens could reshape payments - if supported by oversight, interoperability, and merchant-friendly adoption.

• Tokenised deposits remain less explored than CBDCs or stablecoins. Could they provide a regulated, interest-bearing option on public blockchains that finally brings banks into the space?
• Non-bank stablecoins have been criticised as “unregulated deposits” lacking insurance and prone to de-pegging. Is stablecoin regulation establishing sufficient safeguards for consumers and merchants?
• Will the coalitions of banks collaborating to issue joint stablecoins pegged to G7 currencies on public blockchains solve the fragmentation weaknesses of “closed-loop” non-bank stablecoins?
• How might inconsistent regulatory frameworks - such as EU MiCA, U.S. GENIUS, and Asian regimes - impact the credibility, adoption, and cross-border use of regulated digital currencies?
• Global payments companies are piloting stablecoin payments. What implications do these initiatives hold for Asia’s domestic payments networks, e-wallets, and cross-border merchant acceptance?
• As fraudsters exploit digital assets and tokenised money, how can regulators, payment providers, and fintechs in Asia strengthen AML/CFT protections without stifling innovation and financial inclusion?
• What are the risks and rewards for banks issuing tokenised deposits or stablecoins, and could this alter their traditional roles around deposit insurance, interest payments, and credit creation?
• What are the potential impacts - positive and negative - of foreign currency stablecoins from other jurisdictions on national monetary sovereignty, and what measures can mitigate related risks?
• If central banks launch retail CBDCs, will they coexist with regulated private digital money(s) or eventually displace them? Or will public and private digital money have distinct roles and serve different needs?
• Who controls digital money in a tokenised world, how do we prevent fragmentation across jurisdictions, and what will it take for merchants and consumers to embrace these instruments at scale?
• Should stablecoin issuers (or trading platforms) be allowed to pay interest (or offer interest-equivalent “rewards”) - without meeting capital, liquidity, and supervisory requirements applied to banks?

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This discussion will engage industry experts including representatives from regulators, financial institutions and payments industry to explore the future of tokenisation in digital payments.

The Arguments For: Asia-Pacific is at the forefront of digital currency experimentation, where stablecoins, tokenised deposits, and CBDCs could converge into a new financial ecosystem that upgrades cross-border payments with instant settlement and offers a new payments paradigm with programmable money. If stablecoins already exceed global card volumes, could they unlock the next leap in financial inclusion and cross-border efficiency? Might tokenised deposits create safer, interest-bearing digital money while still harnessing public blockchains? And could CBDCs anchor this ecosystem with trusted central bank money? Digital currencies on blockchains could be the future of real-time payments. The region has a chance to redefine the rules of digital payments - but only if interoperability, regulation, and merchant adoption advance in step.

The Arguments Against: The promise of regulated digital currencies is undeniable - instant settlement, lower costs, new liquidity. But stablecoins risk becoming “unregulated deposits”, CBDCs raise concerns about surveillance, stability and disintermediation, and tokenised deposits remain largely untested. After all, aren’t stablecoins just “pegged crypto” with some risk and security safeguards tacked on? Will regulatory fragmentation fracture cross-border adoption, leaving Asia-Pacific markets more divided, not less? Can banks adapt to this shift without undermining their own deposit base and credit creation? And will merchants truly embrace new forms of money if costs, risks, and compliance burdens remain high? The future of tokenised money could transform payments - or stall under its contradictions.
6 Discussants

Lunch

How EMV^® Technology Supports Combating Payment Fraud
EMVCo develops and manages EMV® Specifications and programmes that ensure seamless, secure card-based payments worldwide. EMV technologies - built on these specifications - enable industry stakeholders to design safe, reliable payment solutions for merchants and consumers. Billions of EMV transactions are made and accepted daily, whether in-store, online, or remote, with users expecting consistent, convenient, and trusted experiences.

This session examines how EMVCo collaborates globally to advance EMV technologies for seamless, secure card payments, including: the convergence of digital identity and payments; the evolving role of EMV 3-D Secure in fighting online fraud, including FIDO passkeys, Secure Payment Confirmation (SPC), and digital wallets; updates to EMV Secure Remote Commerce (SRC) to simplify and secure digital checkout; interoperable open payments for EV charging; and how testing supports new in-store experiences such as biometric cards and TapToMobile acceptance.

Update with Q&A: Oliver Manahan, Director of Engagement and Operations, EMVCo [30min]

Online and Offline Fraud Targeting the Payments Ecosystem
Global e-commerce fraud is set to soar from $44.3B in 2024 to $107B by 2029, driven by card-not-present (CNP) fraud and chargebacks. Other growing third-party threats include digital wallet card tokenisation fraud for online and contactless payments, account takeover (ATO) attacks (increasingly AI-assisted) on wallets and marketplaces, and first-party misuse (“friendly fraud”). These losses hit merchants, issuers, wallets, e-commerce platforms, and processors across Asia. This session examines strategies to combat today’s most damaging fraud types.

• With e-commerce CNP fraud expected to surpass $100B globally by 2029, how can issuers and merchants in Asia strengthen authentication and transaction risk scoring without increasing false declines?
• What new measures are strengthening e-commerce payment security in Asia, where consumers increasingly use a mix of cards, digital wallets, mobile e-wallets, and real-time payment methods?
• Fraudsters are exploiting OEM-pay wallet tokenisation to circumvent traditional fraud controls. How can issuers and merchants combat this emerging online and contactless payment threat?
• Threat actors are exploiting social engineering, malware, and vulnerabilities to attack Asia’s e-wallets. How can wallet operators strengthen platform defences and protect users’ data and funds?
• How can merchants, online marketplaces, mobile e-wallets and digital wallets work to prevent account takeover (ATO) fraud? As well as stronger customer authentication, what else could be effective?
• The payments ecosystem has been using AI and machine learning to combat third party fraud for years. With the availability of LLMs, fraudsters are now also using AI - what has been the impact so far?
• First-party fraud, including post-purchase and refund abuse, is rising across Asia Pacific, driving up costs for merchants and issuers. What strategies can effectively curb this growing threat?
• Can transaction monitoring be enhanced through consortium data sharing and fraud intelligence hubs that generate cross-merchant and cross-issuer signals to identify repeat offenders more effectively?
• As fraudsters exploit cross-channel weaknesses between cards, wallets, and RTP systems, how can PSPs achieve unified fraud detection across multiple rails while maintaining efficiency and consumer trust?
• As Asia-Pacific continues to lead global digital payments growth how can industry collaboration keep pace with the evolving sophistication of cross-border fraud networks?

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As Asia-Pacific’s digital economy surges, so too does the complexity and scale of payment fraud. Global e-commerce fraud losses are forecast to more than double with Asia-Pacific bearing a growing share of the impact. Card-not-present fraud, digital wallet attacks, account takeover attacks - now increasingly AI-assisted - are reshaping risk for merchants, issuers, and platforms in the region. Meanwhile, first-party misuse and refund abuse are becoming some of the fastest-growing fraud categories in the region.

While innovative payments like mobile e-wallets and real-time rails are fuelling rapid growth in Asia, these newer channels do not yet have the extensive fraud security layers that are already built-in to the card payments ecosystem. How can Asia’s payments ecosystem, where consumers are rapidly adopting digital wallets, real-time payments, and contactless channels, build resilience against both third-party fraud and insider misuse? How can the industry keep pace with these threats without stifling digital commerce?

Are today’s fraud detection frameworks ready for large language model–powered threats, and is “business as usual” monitoring still enough? Combating unauthorized payment fraud will require moving beyond individual defences to an ecosystem-wide strategy. Multi-layered defences, real-time intelligence sharing, stronger authentication, and cross-sector collaboration will be essential to protect merchants, issuers, wallets, and consumers from the next wave of fraud.

This discussion will explore the strategies, technologies, and collaborative frameworks required to protect customers, merchants, and financial institutions from unauthorised fraud - and ask whether cross-industry intelligence sharing, stronger identity, and smarter authentication can shift the balance back in favour of security and trust, and secure Asia-Pacific’s payments future.
4 Discussants

Refreshments, Networking and Expo Viewing

Protecting Consumers, Businesses and the Payments Industry
The pandemic accelerated digital commerce and payments but also fuelled industrial-scale scam operations exploiting user-initiated real-time payments (RTP) via banking and wallets. Fraudsters are increasingly deploying AI to power a surge in Authorised Push Payment (APP) fraud, with global scam losses estimated at $1.03 trillion. In some markets, APP fraud losses have already matched or surpassed card-not-present (CNP) fraud, historically the largest category. This session explores how the industry can curb authorised payment fraud while preserving the critical role of RTP and e-wallets in driving digital economy growth.

• APP fraud losses in the UK surpassed card fraud in 2023. As real-time payments expand across Asia, what early interventions and shared liability frameworks could prevent similar outcomes in this region?
• Fraudsters are graduating from phishing and social engineering to voice and video deep fakes which will be difficult or impossible to detect - how can consumers be protected against this development?
• As generative AI accelerates scam sophistication and scalability. How can financial institutions, telcos, and platforms leverage the same AI tools to identify, predict, and disrupt scam campaigns in real time?
• What strategies can prevent fraudsters from opening/recruiting accounts to create mule networks at scale? What ID/verification tools can detect and block mule accounts during transaction processing?
• Where should the line be drawn between “frictionless” payment experiences and adding protective friction (“smart friction”) that helps customers pause, consider, and avoid scam payments?
• With 75% of online fraud originating on social and digital platforms, what responsibilities should telecoms and social media firms bear to detect, warn, assist, and reimburse victims of fraud?
• Can “card-like” security features (e.g. 3-D Secure, transaction risk analysis, out-of-band authentication) be integrated into real-time A2A payments? Is authorised push payment reversibility achievable?
• As APP fraud liability shifts beyond just customers, which parties - sending and receiving banks, telcos, or social media platforms - should share reimbursement responsibility, and to what extent or limit?
• As real-time payments surge, can industry-wide collaboration, including law enforcement, create scam intelligence networks detect to fraud patterns before funds are irreversibly moved?
• If most customers recognised scams, APP fraud would fall rapidly. Aside from usual bank warnings, what might more effectively teach consumers to detect scams, social engineering, and active threats?

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The Asia-Pacific payments sector is now at the epicentre of an authorised payment fraud (APP) epidemic. The 2024 Asia Scam Report8 estimated scam-related losses to reach US$688.42 billion across 13 Asian markets. As real-time payments and e-wallet adoption have accelerated post-pandemic, criminal networks have responded with industrialised scams, sophisticated deepfakes, and at-scale mule account recruitment - APP fraud losses have exploded. How can consumers be protected against increasingly sophisticated attacks like voice and video deep fakes that are almost undetectable? Should “smart friction” features be designed into real-time payment processes to protect customers? Can improved ID verification, and card-like security features be built into real-time A2A systems without undermining convenience?

What measures can the industry take to stop widespread creation and use of mule account networks? Is it time to step back from “digital onboarding of new customer accounts in x minutes” and introduce stronger security requirements even if this entails greater friction. How can account-holders be made aware of the risks of becoming a mule - knowingly or unknowingly?

What more should telcos and social media companies do to prevent scammers use of their platforms? What are the latest international best practices for recovering APP fraud funds? Should banks, wallets, telcos, and social media platforms share responsibility for reimbursement and up to what levels? Should reimbursement be a voluntary industry initiative or mandated?

Public education about scams has had limited success so far - how can the public be better informed and protected? A concerning trend9 is widespread underreporting of scams due to lack of confidence in official channels and scepticism about law enforcement capacity to resolve cases. Could consumer trust be raised with a high-profile reporting channel into an industry task force comprised of all responsible stakeholders? This collaborative discussion examines how to protect consumers and businesses by curbing authorised fraud while preserving trust in digital platforms and sustaining the momentum of the digital economy.
6 Discussants

Final remarks and thanks

End of NGP2026