The Paypers has interviewed Joseph Chan, CEO & Founder of AsiaPay, to learn more about the digital transformation in APAC and the move towards cashless societies
Q: In 2020, the payments industry had to adapt to the swift growth registered by the ecommerce industry. How well is the APAC payments infrastructure equipped to support this move towards digital?
Nowadays, more and more global retail and hospitality brands gear up their regional pan-APAC digital transformation plan to boost sales and services. They aim to address cultural diversity and the main developments happening at a different pace across Asian countries, the fragmented ecommerce market, and payment adoption (e.g., credit card adoption in Hong Kong or Singapore is greater than 90%, while in Indonesia, Vietnam, or Myanmar it is less than 5%). Moreover, with a more digital-ready young generation, a pan-APAC payment platform for businesses and banks would play an important role in future.