Fintech
FinTech LIVE Singapore – Digital Payments Panel
Digital transformation and paperless transactions
As the panel discusses the shift to digital and going paperless, speakers discuss how the industry is moving towards digital transformation with standards such as ISO 20022 providing a common language for transactions globally.
“With the introduction of digital wallets, merchants who could not capture a transaction via a regular traditional credit card terminal can now do so via mobile wallet,” says Standard Chartered.
With digital payment solutions, those without access to banking services or access to basic financial services can gain access to basic financial services, transforming socioeconomic factors and society. However, while digital payments are faster, cheaper, safer and more transparent, they also require more training from customers.
“These services in terms of digital payments are faster, cheaper, safer, more transparent, but they also come with more education,” Khang says.
Other discussion points included online retail, the benefits of digital payments, operational challenges to overcome and the future of digital payments.
“The next generation is much more demanding in terms of technology and fluidity… Immediate training is critical in the customer journey,” Khang says.
More to come in 2024…
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