NEXT-GENERATION PAYMENTS 2023 (NGP2023) focuses on the increasing convergence and interplay between the key payments business segments driving the roadmap for digital commerce:
NGP2023 explores how these 4 payments channels will drive the future of consumer payments and merchant payments, and the role they play in online and offline payments, domestic and cross-border payments, fraud and customer protection, and financial inclusion.
NGP2023 is an opportunity for industry to communicate and demonstrate next-generation payments solutions to Asian banks, fintechs, issuers, schemes, and payments services providers while connecting with partners in the consumer payments ecosystem.
More Ways to Pay
Asia leads in offering consumers more ways to pay, both online and at the point of sale. In many Asian markets customers already have a choice of paying by card, by mobile real-time payments or by prepaid mobile wallet. In the future they may also pay using a national digital currency. Most online and offline payments in China are made through mobile wallets but now APAC has faster mobile wallet adoption. From 2021-2025, cash use in APAC is forecast1 to decline from 16% to 8% of POS transaction value, accelerated by proliferation of mobile payments and use of QR codes.
More Ways to Accept Payments
Instead of just "cash or card", merchants in Asia are now also accepting a variety of mobile wallets. Online and offline acceptance is being transformed by real-time and prepaid mobile wallets that offer much lower merchant setup and transaction costs than card payments, as well as instant settlement into merchant accounts. In many markets, entry-level merchants use these mobile wallet products to start businesses by accepting P2P payments. OEM Pay mobile wallet usage is also growing as card acceptance continues to grow.
Not a Zero-Sum Game
Proliferating options for consumer and merchant payments is a trend. Cards were not able to replace cash in the last 40 years. Mobile real-time payments are unlikely to completely replace payment cards. Despite ubiquitous mobile payments in China, cards are still used but with much higher average transactions. Take-up of different payment channels will vary across markets. More options will only increase the size of the electronic payments pie. Cash is likely to be the biggest loser but will not disappear (until it goes digital).
Converging and Overlapping
The lines between payment rails and payment channels are increasingly blurred. Card payments can be made with a card, mobile phone or a wearable. Mobile wallets could use real-time payments rails, card rails, or no rails (prepaid). National digital currencies will come in card or mobile form factors and operate off-rail. Many prepaid mobile wallets already offer virtual and physical international payment cards. In India, real-time payments are now connected to credit cards, to drive credit card spending at smaller merchants.
NGP2023 is Asia’s first industry payments event to explore the synergies between real-time payments, mobile wallets, cards and the new world of digital currencies.
The target audience will include central banks, domestic payment schemes, international payment systems, banks, fintechs, payment services providers, payment processors, and payments technology providers.