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2022-03-08
2022-03-08

Industry News
業界資訊
[Chinese version only] |【財政預算案2022】電子消費券每人再派1萬元共涉660億 4月先派5000元、年中派第二期 第二期可轉電子支付工具
【財政預算案2022】電子消費券每人再派1萬元共涉660億 4月先派5000元、年中派第二期 第二期可轉電子支付工具

Please refer to Chinese version.

【業界資訊(轉載)】

 

財政司司長陳茂波發布《財政預算案2022》。財政預算案再度提及派發電子消費券,電子消費券金額將加碼至1萬元,並會分兩期發放,每輪電子消費券金額為5000元。財政預算案電子消費券透過合適的儲值支付工具向每名合資格的18歲或以上香港永久性居民及新來港人士,新方案惠及660萬人,代表涉資660億元公帑,行政費約4億元。

 

4月發放第一批5000元電子消費券

陳茂波指,深切明白這一波疫情令不少行業及市民深受影響,為了紓緩市民及不同商戶的壓力,會作一個特別安排,透過去年推出的消費券計劃所收集的登記資料,在4月份先向超過630萬名已成功登記的市民發放5000元消費券,餘額會跟新符合資格人士的消費券一起在年中分批發放。

政府消息人士指,4月的一批消費券會向市民之前已登記的儲值支付工具發放。對於年中的一次消費券發放,政府會就儲值支付工具營辦商再進行甄選,意味有機會有新營辦商加入,而市民亦可重新選擇支付工具帳戶,但須再次登記。至於4月的一批消費券,除非市民已取消戶口或遺失八達通等特殊情況,否則不容許轉用其他儲值支付帳戶收取。

 

年中再發放第二批消費券

至於甄選第二階段發放儲值支付工具的條件,包括儲值支付工具的商戶及用家覆蓋面、易用程度、籌備所需時間及相關經驗等。政府消息人士解釋,再對儲值支付工具營辦商甄選,是由於過去一年有其他儲值支付工具發展成熟,故希望向市民提供更多選擇,亦期望營辦商良性競爭下提供更多優惠,令消費氣氛良好,使消費券成效更大。同時,此舉亦有助推動電子支付工具發展。

值得留意的是,選用八達通的市民在4月的一批消費券發放時要分兩期收取,第一期收款4000元,特定時間內使用完4000元使可取得餘下1000元消費券。

消息人士又稱,新一輪消費券的期限與用途大致與上一輪相同,因市民已熟悉了運作。為免移民人士亦可獲發,政府會對年中握推的消費券進行抽查,抽查市民是否在港居住。

政府會透過臨時撥款決議案的動議,向立法會表明會於決議案通過後隨時動用消費券計劃的撥款。

 

AlipayHKWeChat PayHK 歡迎措施 未知詳情

去年有份營運電子消費券的AlipayHK表示,支持政府繼續透過派發電子消費券方式紓解民困,目前尚未清楚相關細節,具體還須等待政府的進一步公布和通知。AlipayHK稱,合作商戶的交易在消費券期間錄得明顯增幅。

WeChat Pay HK也聲明支持政府再次推出消費券計劃,將共同提振疫情下經濟復甦和電子支付發展,但須待政府相關部門公布。

八達通回應指,很高興政府再次推行消費券計劃刺激經濟;公司會全力配合政府推動便利市民和商戶使用消費券。

AlipayHKWeChat Pay HK近期已宣布,分別從2月、1月起豁免中小商戶全部交易手續費。八達通此前稱,2021年申請使用商用版八達通App的中小商戶,八達通將會延長豁免轉賬費用直至20226月底;新商戶則由其開戶的月份起獲豁免6個月銀行轉賬費用。

 

資料來源: 香港經濟日報

2022-02-06
2022-02-06

Industry News
業界資訊
[Chinese version only] | Visa聚焦2022五大支付趨勢 感應支付、先買後付繼續夯
Visa聚焦2022五大支付趨勢 感應支付、先買後付繼續夯

Please refer to Chinese version.

【業界資訊(轉載)】

 

疫情改變人們支付習慣,Visa發現現今電子商務消費規模(不含旅遊)已達2019疫情前的1.5倍,且近六成的消費者認為支付習慣已永遠改變。生活轉移至線上的趨勢同時加速了數位支付發展。簽帳支付金額在過去一年更成長了兩成,這在全球各地都可見相同趨勢,顯示數位支付在發展中與已開發國家都迅速發展。

 

Visa觀察2022年值得關注的五大支付趨勢:

趨勢一,感應支付興起;即便許多商務場景在過去幾年已轉往線上,人們仍會在實體通路消費。全球超過七成的實體交易皆為感應支付,超過70個國家與地區的感應支付滲透率高於五成。Visa最新「消費者支付態度調查3.0」顯示,感應支付在台灣和香港最受消費者愛用,在台灣有超過五成消費者表示愛用,包含感應式卡片及感應式行動支付。Visa預期這個趨勢將持續成長,因社交距離等防疫規定,消費者仍有零接觸、感應交易的需求。同時商家部署也已十分完善,超過 75% 的線下交易皆發生在支援零接觸交易的店家。

趨勢二,先買後付(BNPL)崛起;過去幾年,電商與數位支付的快速發展,也衍生出更創新、靈活的支付方式BNPL,不論是新創業者或者租賃業者的解決方案,從零售面向切入提供便利消費與彈性支付,特別能協助可能身為自營業者,或尚未累積信用分數等無卡消費者的需求。Visa調查,八成以上台灣消費者使用信用卡分期付款,使用BNPL的消費者則在一成以下,在台灣這個成熟的信用卡分期付款市場中,先買後付服務的確鎖定尚未滿足的金融族群以及使用痛點,並帶來了創新,期待其使用族群與面向的成長,同時朝向全面且流暢的支付體驗來發展,例如增加便利還款機制、還款能力評估創新等作法,以促進付責任創新與政府普惠金融遠景。

趨勢三,加密貨幣逐漸成熟;僅管加密貨幣未來扮演的角色仍尚待觀察,可以確定的是,加密貨幣未來將能運用於更多場景。Visa全球調查顯示,關注加密貨幣成人中,有過半希望銀行能提供加密貨幣產品;已擁有加密貨幣的受訪者中,近四成可能將主要銀行轉到有提供加密貨幣產品的銀行。許多央行也正在評估發行央行數位貨幣,某些市場已在進行測試或執行,如瑞典、泰國、中國等。金融機構也需要盡快擬定加密貨幣策略,幫助消費者順暢、安全地進入加密貨幣生態系。

趨勢四,B2B支付消費化;近期許多消費支付的創新都是從消費者的體驗與需求出發應運而生,而消費者對全球金融服務的期望也產生變化,消費者期望獲得更快、更數位、更透明,幾近量身訂做的體驗。B2B支付雖然聚焦企業需求,其實背後也是由這群希望現有B2B生態系也能同樣達到創新、便利、安全、速度的這群人所推動,因此Visa預期B2B支付將產生消費化的趨勢。

中小企業和商家對電子商務需求的成長,為推動安全、快速的數位支付提供助力 ;新的支付型態與網路也逐漸產生與拓展;金融科技新創也正積極開發可能重塑跨境金流的解決方案。隨著即時支付、透明度和可追蹤性被優化及整體消費者支付體驗現代化,Visa也預期將有更多優化現有B2B金流的需求。

趨勢五,銀行逐漸「開放」;開放銀行將消費者的數據所有權歸還給消費者,而透過API,開放銀行可在消費者同意的情況下,將財務數據提供給可信賴的第三方機構,並為消費者帶來更創新的金融產品與服務。

 

如同 B2B 支付消費化、金融機構推出符合消費者對數位資產興趣的服務、及從消費者需求衍生的先買後付等前幾項趨勢,開放銀行同樣強調「聚焦消費者需求」,讓消費者再次掌握資訊與決策權,最終目標是讓消費者的金融生活更可靠、安全、簡單,並讓金融科技新創一同參與共創。

 

資料來源: 聯合新聞網

2022-02-06
2022-02-06

Industry News
業界資訊
13 Effective Ways To Improve And Expand Digital Payment Methods
[English version only] | 13 Effective Ways To Improve And Expand Digital Payment Methods

[Industry News (Repost)]
 

Digital payment technology has made it possible for anyone with a smart device to conduct transactions easily and securely, both in person and online. Both companies and consumers are embracing digital payments as a fast, reliable and contactless way to exchange money, but there are still innovations and improvements to be made.

If your business is considering adopting digital payment methods, it’s important to understand where they’re currently at and how they can be made more effective. Below, 13 Forbes Technology Council members offer insights on optimizing this popular transaction technology.

 

1. Be Open To New Technologies

Digital payment methods are positioned to be a major influence on the economic prosperity of many third-world and first-world countries, impacting everything from remittances to transferring funds via cryptocurrency backed by blockchain technology. Already, countries such as Ukraine, El Salvador and others have adopted Bitcoin as legal tender, signifying the growing adoption of this new technology. - Marc Fischer, Dogtown Media LLC

 

2. Provide Incentives For Use

Digital payments are highly platform-dependent, often not supported by merchants’ point of sale systems and expensive in comparison to cash. For more mainstream adoption, the value must be delivered to consumers (resulting in better purchasing power); this would drive the merchant’s or platform’s interest in supporting digital payments. Techniques similar to credit card “cash back” incentives could be applied to the merchant or P2P platforms. - Chitra Sivanandam, Reinventing Geospatial, Inc. (RGi)

 
 

3. Cater To Those With Disabilities

Digital payment methods for people with disabilities fail at checkout. Online shopping carts rarely function smoothly (if at all) for people using screen readers. The complexity of the process is often a critical issue for people with cognitive and mobility impairments. Simplifying the checkout process would eliminate these challenges faced by so many and bring another billion consumers online. - Lionel Wolberger, UserWay Inc.

 

4. Expand The Types Of Transactions

I believe digital payments should start expanding to more complex transactions that include financing and insurance. For example, rather than have customers simply pay for a product, merchants could offer a loan or spread the payments over a longer period. Furthermore, digital payments should be embedded in more devices—your kitchen or office appliances could order supplies for themselves. - Eliron Ekstein, Ravin AI Limited

 

5. Implement Identity Management And Encryption

It’s essential to ensure the security of customer data in each and every transaction. As more payments are transacted digitally, organizations will face improved attacker techniques, no matter the physical location of the customer. To make it more difficult for hackers to access customer payment data, implementing identity management and encryption is vitally important on every payment transaction, big or small. - Todd Moore, Thales Group

 

6. Create A Faster User Experience

Digital B2B payments have an astounding potential to save businesses money and improve efficiency and cash flow. Frictionless onboarding for businesses and immediate access to funds via virtual cards and mobile wallets will make digital payments easier and drive greater adoption. It’s not just about simplifying the transaction; it’s also about creating a fast, easy and secure user experience. - Derek White, Galileo Financial Technologies

 

7. Include Digital Payment Services In Social Platforms

Digital payments are revolutionizing consumer behavior and improving the consumer experience. One such way is the integration of digital payments in chat applications such as WhatsApp, WeChat and Snapchat as well as in social media platforms such as Instagram. One of the largest retailers in India is offering its services and products via WhatsApp, and payments are made using digital methods. - Vasudevan Sundarababu, Pactera Edge

 

8. Integrate The Payment Value Chain

Digital payments can be much cheaper, faster and easier if a company can vertically integrate all stakeholders in a payment’s value chain. Instead of having separate merchant acquirers, networks, issuers, fraud engines and so on, a single company could merge them all and create rails of its own. This could give back interchange to merchants, provide greater rewards to customers, increase authority and reduce fraud. - Roy Andrew Ng, Bond

 

9. Support Global Standardization

Global interoperability and standardization are key in digital payments, especially across borders. They would reduce friction and increase the ease of transactions and commercial relationships. They would also create flexibility in the workforce and supply chain. In the end, commerce would be significantly more efficient and streamlined. - Olga V. Mack, Parley Pro

 

10. Add Additional Layers Of Security

Digital payments are incredibly convenient and have become critical to the economy over the past two years. But they open consumers up to potential privacy and security risks. With the introduction of features such as credit card masking, which creates temporary, single-use credit card numbers, consumers can continue to reap the benefits of digital payments with dramatically reduced risk. - Hari Ravichandran, Aura™

 

11. Combine The Checkout And Buying Experience

Digital payments can be made more effective by embedding the checkout experience on the same page as the buying experience. Do not redirect the consumer to another payment or checkout page after they’ve selected the product(s) or service(s) they want to purchase; instead, allow payment transactions to take place on the same page. Fewer clicks and redirects equal higher conversions. - Steven Khuong, Curacubby

 

12. Decentralize Payments

Detach the reader from the pin pad. It should be possible to pay anywhere in a venue without the need for a full-fledged pin pad. Imagine restaurants with readers at each table or movie theaters with one at each chair. This would allow for immediate payment and decision-making beyond the POS. Cash wraps continue to plague the forward momentum of retailers. Decentralizing payments will be key! - Tom Roberto, Core Technology Solutions

 

13. Incorporate Biometric Authentication

One way digital payments might be made more effective is by incorporating biometric authentication. This would mean that, in order to make a payment, the consumer would need to scan their fingerprint or use some other form of biometric identification. This would add an extra layer of security to the transaction and help to ensure that only the authorized user is able to make a payment. - John Giordani, NCHENG LLP

 

Source: Forbes

Please refer to English version.

2022-01-13
2022-01-13

Industry News
業界資訊
Visa Study: Small Businesses Optimistic, Looking to Digital Payments for Growth in New Year
[只限英文版本] | Visa Study: Small Businesses Optimistic, Looking to Digital Payments for Growth in New Year

[Industry News (Repost)]

 

  • The 6th edition of Visa’s Global Back to Business study finds that 73% of small businesses surveyed1 said accepting new forms of digital payments is fundamental to growth in 2022
  • 59% of small businesses surveyed said they already are, or plan to, use only digital payments within the next two years – largely in step with 41% of consumers surveyed who said the same
  • 90% of small businesses surveyed with an online presence said they attributed pandemic survival to increased efforts to sell online

 

SAN FRANCISCO--(BUSINESS WIRE)--Jan. 12, 2022-- As Visa (NYSE: V) continues toward its goal of digitally-enabling 50 million small and micro businesses (SMBs), a new research study released today – the “Visa Global Back to Business Study – 2022 SMB Outlook” – found that 90% of surveyed SMBs said they are optimistic about the future of their businesses, the highest level of optimism in Visa Global Back to Business studies to-date. While wiping down groceries and quarantining mail might be bygones of an earlier pandemic era, some changes – such as increased use of digital payments – are here to stay: 82% of SMBs surveyed said they will accept digital options in 2022 and nearly half (46%) of consumers surveyed2 expect to use digital payments more often in 2022, with just 4% saying they will use them less.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220112005380/en/

“Payments are no longer about simply completing a sale. It’s about creating a simple and secure experience that reflects one’s brand across channels and provides utility to both the business and its customer,” said Jeni Mundy, Global Head Merchant Sales & Acquiring, Visa. “The digital capabilities that small businesses built up during the pandemic – from contactless to e-commerce – helped them pivot and survive and, by continuing to build on this foundation, can now help them find new growth and thrive.”

According to this year’s study, which surveyed small business owners and consumers in nine markets – Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab Emirates and United States – the consensus outlook for 2022 is one of optimism and intent to digitize even more:

 

The Path Forward in 2022 for SMBs

  • 2022 Ushers in Optimism and Confidence: Building on the 90% of SMBs surveyed who are optimistic about their future, 54% viewed the last year as an opportunity and report their business is doing well heading into the new year, up from 46% who said the same during summer 2021.3
  • Going Long on Digital Payments – Even Crypto: An overwhelming 82% of SMBs surveyed said they plan to accept some form of digital option in 2022 and 73% see accepting new forms of payments as fundamental to their business growth. Of those surveyed, 24% said they plan to accept digital currencies such as the cryptocurrency Bitcoin.
  • E-commerce Buoyed Businesses: Of small businesses surveyed with an online presence, 90% agreed their survival through the pandemic was due to increased efforts to sell via e-commerce, and reported that, on average, over half of their revenue (52%) came from online channels in the last three months.
  • Leaving the Change: A majority of SMB respondents expect their business to shift to relying exclusively on digital payments in the future. While 64% of survey respondents anticipate being able to make this shift within 10 years, 41% say it could be within the next two years—and 18% are cashless already.

 

Consumers Set the Tone in 2022

  • Accelerating Toward a Digital Future: More than half of consumers surveyed (53%) responded they expect to shift to being cashless within the next 10 years, 25% said it will happen in the next two years and 16% are already using only digital payments. The top benefits for relying more on digital payments amongst surveyed consumers were easier online shopping (47%), followed by less risk of robbery (38%) and convenience (37%).
  • Abandoned Shopping Carts In-Real-Life (IRL): The failure to offer digital payment is frequently a dealbreaker – 41% of consumers surveyed said they have abandoned a purchase in a physical store because digital payments were not accepted, and younger shoppers are even more likely to do so. Gen Z (59%) and Millennials (55%) have not bought something because there was no way to pay digitally, significantly more than Gen X (38%) or Boomers (19%).
  • Consumers Embrace the Global Marketplace: As small businesses look to reach more customers online, 50% plan to increase cross-border sales in 2022. On average, 68% of consumers responded they are comfortable buying items or services from a business in another country or territory. Of those who are not completely comfortable, 57% cited that fraud protection typically offered by their credit or debit card provider, such as Visa's Zero Liability Policy, makes them more comfortable with international commerce.

 

Digitally-Enabling 50 Million Small Businesses

Since the start of the pandemic, Visa has launched a variety of community-based programs to help more small businesses accept digital payments and gain greater access to the digital economy. As part of this ongoing commitment, Visa today also announced it has helped to digitally-enable 24.8 million SMBs worldwide, or 50% of the multi-year goal it set in 2020 to digitize 50 million SMBs.

Throughout 2022, Visa will continue to provide resources that support small businesses, such as the $1 million Grants for Growth program announced earlier this week with Uber and Local Initiatives Support Corporation (LISC). Through Grants for Growth, 100 merchants will receive grants of $10,000, disaster recovery and resiliency guides from Uber and LISC, and placement in the Uber Eats app. Grants for Growth will be supported and managed by LISC and focuses on local Uber Eats restaurants in 10 cities: Atlanta, Boston Chicago, Detroit, Los Angeles, Miami, New York/New Jersey, Philadelphia, San Francisco Bay Area and Washington D.C. For more information on how to apply for Grants for Growth, please visit lisc.org/uber.

More information on the programs Visa has made available to small and micro businesses can also be found on the Visa Small Business Hub and the Visa Small Business COVID-19 support site.

 

Methodology: Visa Back to Business Study
The Visa Back to Business Study was conducted by Wakefield Research in December 2021 and surveyed 2,250 small business owners with 100 employees or fewer in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab Emirates and United States. The consumer section surveyed 1,000 adults ages 18+ in the United States, and 500 adults ages 18+ in Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore and United Arab Emirates.

 

Source: Visa

Please refer to English version.

2022-01-02
2022-01-02

Industry News
業界資訊
[Chinese version only] | 【業界資訊(轉載)】Visa調查:港人最常用支付卡 小金額更傾向無現金交易
Visa調查:港人最常用支付卡 小金額更傾向無現金交易

Please refer to Chinese version.

【業界資訊(轉載)】

 

電子支付愈來愈普遍,最新調查發現,有近7成受訪者曾於 2021 年嘗試無現金支付。在香港,支付卡成為最常用的支付方式,使用率高達93%

Visa公布最新調查《Visa 消費者支付取態研究 3.0》,研究香港、澳門及台灣消費者的偏好及新興趨勢。香港與台灣的情況相似,支付卡(信用卡/扣賬卡)為最常用的支付方式,使用率分別高達 93% 99%

隨著電子付款日漸普及,Visa調查認為港澳兩地正過渡至無現金社會。有4成港澳受訪者預計,其城市將於未來4年內成為無現金社會。66%的香港受訪者表示,愈趨傾向在較小金額 (低至港幣 100 元) 的交易中以無現金支付,比例較2019年的56%增加

 

折扣具吸引力 更常用無現金支付

同時,有接近4成的香港受訪者希望在未來 12 個月內更常使用無現金支付,主要由於獎賞及折扣具吸引力(54%)、更衛生(52%)及交易更快捷(48%)。本地大部分受訪者表示,無現金社會的最大好處是可輕鬆追蹤財務紀錄(47%)、環保(42%)及更衛生(42%)。

調查亦發現,網上購物有望於疫情期間及之後進一步增長。流動應用程式是香港最常見的購物平台,其次為電腦網頁及流動網頁。港人又視支付系統安全、定價清晰透明及易於付款,為更佳網購體驗的首要條件。 

 

9成曾參與獎賞計劃 

除了電子支付外,新興的支付趨勢及科技亦不斷湧現,以滿足消費者不斷變化的需求。調查發現有高達9成港人參與客戶忠誠及獎賞計劃,當中包括集合多個品牌的消費獎賞計劃平台,其次是電子錢包 及信用卡/扣賬卡支付品牌。而且,有至少7成消費者更喜歡以電子方式及網上途徑兌換獎賞,例如透過應用程式掌握其獎賞狀況。「先買後付」平台正興起,但仍在萌芽發展階段,香港僅得9%受訪者曾使用先買後付。

 

資料來源: HKET

2022-01-02
2022-01-02

Industry News
業界資訊
59% of CFOs Say Payments Digitization Is Key to a Healthy Balance Sheet
[English version only] | 59% of CFOs Say Payments Digitization Is Key to a Healthy Balance Sheet

[Industry News (Repost)]

 

Chief financial officers (CFOs) are investing in payments digitization because they believe it is integral to building and keeping healthy balance sheets. For different CFOs, that may mean greater working capital, streamlined accounts receivable (AR) and accounts payable (AP) processes, or improved customer and partner satisfaction. 

In fact, 59% of CFOs say payments digitization is key to a healthy balance sheet, according to the Business Payments Digitization report, a PYMNTS and Corcentric collaboration based on a survey of 400 CFOs. 

Get the report: Business Payments Digitization: A Path to a Better Balance Sheet

The larger the firm, the more likely its CEO is to say that they consider digitization to be “very” or “extremely” important to improving balance sheets. Among the smallest firms included in the survey — those with revenue between $400 million and $750 million — 50% of the CEOs said digitization is key. Among the largest firms — those with revenue between $1.5 billion and $2 billion — 74% of the CEOs place that much importance on digitization.

 

Optimizing AR and AP Processes 

Among the factors contributing to those healthy balance sheets are greater working capital, streamlined AR and AP processes, and improved customer and partner satisfaction, CFOs said. 

Having optimized AR and AP processes is the first and most important component of a healthy balance sheet, according to the CFOs, with 96% of them believing that AR and AP optimization is “very” or “extremely” important to keeping their balance sheets healthy. It follows that these firms would also emphasize the importance of digitization, which can help accelerate and streamline inbound and outbound payment flows. 

Asset investments and sources of capital or working capital are also widely considered to be key components of healthy balance sheets. Ninety percent of CFOs see asset investment as critical, while 53% say the same of working capital. Working capital is especially important to larger firms. Sixty-one percent of CFOs at the largest firms said that boosting working capital is critical to maintaining healthy balance sheets, compared to 46% of those at the smallest firms. 

An enhanced ability to attract and retain customers is another one of the CFOs’ top reasons for fast-tracking digitization. Thirty-six percent of the CFOs surveyed said that is a reason for accelerating their payments digitization efforts. 

 

Citing 4.5 Reasons for Fast-Tracking Digitization 

There is no single reason explaining firms’ drive to digitize. Countless interlocking factors have pushed digitization ahead, with CFOs reporting many ways that digitization could improve their businesses. CFOs cited an average of 4.5 reasons that they fast-tracked digitization, ranging from meeting supplier expectations to enhancing payment security and improving communication with vendors. 

With these many benefits, it’s no wonder that 71% of CFOs have increased their use of digital payments since the pandemic’s onset. Nearly all firms included in the survey reported that they are making and receiving payments via cash or checks less often and receiving digital payments more often than they were before March 2020. 

Among the payment types that have seen the biggest uptick in usage are credit card-enabled digital payments ( up 85%), direct deposit (up 71%) and PayPal (up 62%).

 

Source: PYMNTS

Please refer to English version.

2022-01-02
2022-01-02

Industry News
業界資訊
Automation and payment transformation: 2022 and beyond
[English version only] | Automation and payment transformation: 2022 and beyond

[Industry News (Repost)]

 

The transformation of the digital payments space is moving faster than anyone could have anticipated in the wake of the pandemic. We look at future trends

Back in 2019 - before the world shifted on its axis, digital payment solutions from chip and pin and online transactions, to ApplePay, were thriving. 

At that time, according to data released by the Federal Bank of San Francisco, US consumers used cash in 26% of their transactions, and this was down from 30% in 2017. The diminishing role of physical money was sedately winding itself down, allowing everyone to adjust accordingly. 

Then earlier this year, the same source released its most recent findings - and revealed that cash usage in 2020 had dropped dramatically to just 19%. Data suggests cash will drop further still, and could even go as low as 10% by the end of 2022.

Fear of spreading COVID-19 through the use of banknotes and increased online shopping has hit traditional currencies hard, and even though the world has now opened up, the numbers continue to tumble. 

As cold hard cash and pocket-jangling change becomes increasingly obsolete, financial technology companies are finding evermore ingenious ways to help us do business through digital payment solutions.

From voice recognition biometrics to blockchain technology and seamless Amazon store payments, automation is at the heart of this massive transformation.

 

A glimpse into the future of payments

But what will this fast-moving financial future look like, and who will benefit from the transition? 

According to a recent survey by Marqueta, the way we pay our bills and purchase all given items will look very different in a decade. Those debit and credit cards we love to carry will almost certainly become obsolete, while nifty, mobile payment apps will also disappear. The research found that: 

  1. The future iterations of ambient commerce include a mixture of facial recognition and AI-based decision making
     
  2. Payments may become increasingly invisible as we move to more “ambient” models of commerce – such as the recent emergence of till-less grocery stores. By 2030, this will evolve even further so there will be no cards or payments devices. Instead, a person’s biometric data would be captured by cameras, along with the item they are purchasing and sent directly to their bank. While (32%) of surveyed consumers find the idea of ambient commerce ‘creepy,’ experts believe given how quickly Uber and the like have been accepted as a norm, the convenience would soon win people over. 
     
  3. 51% of consumers surveyed saying they would consider using a contactless microchip implant to make payments
     
  4. 31% of 18–24-year-old respondents say they would be comfortable with AI making automated decisions on their behalf to choose the most ethical way to pay

 

Changes brought by automation

Automation of payments has become the logical solution to what would otherwise be a labour intensive and time consuming process. Martin Rehak, CEO of Resistant AI says manual processing simply isn’t a realistic option anymore, given the volume of transactions payment processors deal with today. This change, although accelerated by the pandemic, was inevitable. 

He explains, “Human oversight cannot guarantee consistent security against fraud or hacking at those scales. So there is no going back on automation. Done properly, automation can harden many parts of the payment process to improve security — but the caveat, here, is “properly”. 

Shannon Kreps, Vice President of product marketing, Medius, agrees. She says, “Automation enables manual and time-consuming tasks such as the accounts payable (AP) process to be managed far more quickly and accurately.” 

She also points out that the fundamental purpose of automation is to boost business productivity – for example in the case of AP automation, automating payments enables it to automate workflows, reducing chances of common errors such as incorrect PO numbers, line items not matching POs, missing VAT numbers and invoices that have been addressed to the wrong department, she says, “occur all too frequently.”

But it's not only about streamlining back office processes. Automation in the payment solutions space has also been massively instrumental in driving forward ecommerce and enabling multiple payment points. 

Julie Chariell, Senior Analyst, Fintech, Bloomberg Intelligence believes the proliferation of electronic payments has contributed to greater adoption of e-commerce, by enabling multiple types of payments beyond cash and check at the point store. “This, along with the introduction of NFC (near-field communications) technology, has enabled contactless payments at the point of sale, where smartphones or NFC-enabled cards can be held near a reader as a touchless way to pay. While this technology existed before the pandemic, but Covid-19 and the related desire to avoid touching anything, especially cash, drove rapid adoption.”

In essence, automation is at the heart of all the latest innovations in the paytech space that are driving the online transaction revolution. 

 

Payment technology drivers

Currently, there are three main technologies that drive automation in paytech. The first is the way companies acquire customers. Between KYC providers and specialist screening and geolocation technologies, fintechs can verify, process and conduct customer risk-assessments in real-time, leading to an onboarding time of under two minutes. 

Chariell explains that as part of this, AI and machine learning is key to the growth of automation in paytech. She says, “When applied to transaction monitoring and screening, it can handle requests at scale, and at pace, and is more efficient than other processes in significantly reducing error. 

“Finally, the method in which fintechs connect to payment systems has been underpinned by automation. Thanks to open banking, fintechs can plug-in-and-play with different APIs in one automated, secure process. Information is exchanged in real-time between different financial providers or intermediaries, enabling the user to enjoy a range of benefits including faster and more secure payments.”

Ron De Bos, Director Products Management – Payments for the global ecommerce enabler, Digital River, the global ecommerce enabler, agrees. He says, “AI in the payments industry can enhance customer service, by providing hyper-personalised credit scores and offers. It can also drive new forms of transactions – we are already seeing retail stores with no cashiers – shoppers can just grab and go.

De Bos also points out that AI is responsible for big advances in the areas of payment orchestration, billing optimisation (DCA, TOD submission of renewals optimisation), customer identification and authentication based on multiple data sources, fraud detection, payment optimisation, credit scoring, monitoring, and alerting.

 

A driver of digital currencies

But automated transactions and the development of the space are also set to change the financial markets as we know them. Cryptocurrency and Central Bank Digital Currency (CBDC) are being driven forward at an extraordinary rate because technology is enabling their usage in more and more marketplaces. Indeed, recently the Bank of England issues a warning that cryptocurrency could even lead to another large-scale financial crash that change damage the global economic financial system, simply because its accelerated usage shows not sign of slowing down, and its stability is negligible. 

De Bos says blockchain technology is the motivating factor behind the increased use of crypto - and even the social media giant Facebook is considering entering the digital currency market as a result of it. “The largest and most successful technology for making international payments possible is blockchain. The immutable and transparent nature of blockchain places it at the forefront of the payment industry trends. It's an excellent candidate for an international cashless currency. Even Facebook is planning to create a virtual currency.”

Chariell concurs, “Payments automation makes it easy to accept multiple types of payment mechanisms, from cards to digital wallets to bank accounts directly, and most recently, to crypto payments. Visa and Mastercard, the backbone of the automated payments network, are allowing cards to be used to buy crypto and access crypto accounts to make payments at any merchant accepting their cards.”

She adds, “Crypto providers such as Coinbase, have build crypto-wallets for investors to store and transact in their digital currencies, plus tools to help merchants accept crypto-payments.”

 

What will the future of payments look like?

As Amazon matches forward with its entirely contactless stores, the world of payments is already becoming unrecognisable when compared to just a decade ago. But what will it look like in the future? 

Kreps believes it will simply be much more efficient - but this will be driven by necessity rather than innovation for innovation’s sake. “I think [the paytech space] will be much better than today – with increasing trade across borders, especially when there are issues like today with supply chain, we’ll need to find ways to pay suppliers faster and electronically, with increased transparency.

“It will need to be quick to avoid issues in FX fluctuations and to stop suppliers worrying about long settlement times – this space is definitely changing and will allow us to expand where we trade quickly,”she says.

Other experts say there will be changes that transform it entirely - and that even automation itself will be outmoded by better technologies. Jason Ollivier, Head of Disruption for Contis, says, “Paytech will be unrecognisable, and the need for automation will be as antiquated as cheques are today. Processes will be so innately efficient that the idea of automation will be redundant.” Ollivier believes that blockchain and open finance movements will be mainstream and act as channels through which data analytics optimise the act and safety of transacting.

He says, “Something as painful as getting a mortgage will require me only to input the amount I want to borrow and the property (including the price) I am looking to buy. My identity will automatically be anonymised, relevant information about me will be automatically pulled (salary, years in job, relevant bank account details) and automatically posted for the mortgage providers to review and bid for my business, in similar way to internet advertisers bidding to put their content before an internet user based on the their browsing history. 

Ollivier adds, “What comes back to me as a customer is a summary of offers in a form that allows me to either press 'accept' or 'decline'. For me as the user, the process will be streamlined to such a degree that it becomes as simple as, ``this is what I want, and I accept.”

 

Automation case study

Rob Israch, GM Europe, at Tipalti, tells us about how automation has helped scale Hopin

“The event technology platform Hopin is one of Europe’s fastest growing start-ups. It launched in June 2019 and was valued at $7.75bn just two years later.  It has seen tremendous growth as it helps customers host immersive virtual, hybrid and in-person event experiences. 

For the company’s finance team, this meant needing to process a huge volume of international payments, initially in a time consuming, manual and complicated manner including manually selecting the correct currencies. Knowing it needed to automate in order to gain the visibility and overview needed to help sustain and scale the company’s growth, the team at Hopin worked with Tipalti to cut out manual intervention and future-proof processes. This meant being able to bring invoice processing back in house, while the multi-entity setup provides complete visibility across operations.”

Melissa Richards, Senior Accounts Payable Analyst at Hopin, explains, “Our workflow is quick and easy with all our payment processes in one central location - the days of juggling different systems and exporting files are long gone – we have no manual intervention. With automated accounts payable, we can continue to scale and not have to add more headcount to keep up.”

 

Source: FinTech

Please refer to English version.

2021-12-16
2021-12-16

News
新聞稿
KPay serves more than 8,000 merchants in its first year of business
創新一站式綜合支付解決方案服務供應商KPay投入市場僅一年 憑超強技術支援吸引逾8,000家中小企業商戶採用

Small and medium merchants attracted to the innovative one-stop integrated payment solution service provider thanks to its strong technical support

 

(Hong Kong, 16 December 2021) Established in Hong Kong at the end of 2020, fintech start-up KPay has broken the industry record among local comprehensive payment solution service providers in just one year by providing more than 8,000 local small and medium merchants with comprehensive and advanced offline payment and settlement services. With its business growing tremendously, the company has been invited to be one of the main sponsors of this year’s "Winter Wonderland" and to become the designated electronic payment provider for this large-scale event.

 

Smart POS terminals are widely used, allowing merchants to make smooth transactions

KPay supports a variety of payment methods, including scanning or displaying a QR Code, tapping or inserting a card, and contactless NFC. The payment services provided by KPay include terminals and settlement platforms, all of which have obtained the relevant certifications and are subject to the relevant regulatory authorities, including the Payment Card Industry Data Security Standard, EMV certification, Visa payWave, Mastercard PayPass certification and UnionPay card acceptance terminal certification, enabling merchants and consumers to complete transactions with peace of mind.

 

In addition, the one-stop KPay smart POS terminal can receive up to 12 major payment channels, including Visa, Mastercard, UnionPay, JCB, AlipayHK, Alipay, WeChat Pay (Hong Kong and China Wallets), Cloud Quick Pass, Apple Pay, Google Pay and Samsung Pay. It has been advancing alongside small and medium-sized merchants in the era of electronic payment, and provides a resolution to the cumbersome payment and settlement processes of the past with its professional and reliable services.

 

Moreover, the KPay smart POS terminal allows merchants to process transactions with a SIM card or indoor WIFI connection according to their needs. It, therefore, does not require a fixed location, so merchants can enjoy greater flexibility in their store layout and smoother payment experiences.

 

Business results outperform industry peers in less than a year in business

KPay currently has a broad customer base drawn from the catering, retail, medical and service industries. The company also has an accomplished and experienced customer service and sales team, providing customers with prompt and accurate local after-sales services, including installation, technical support and training, so that merchants can focus on business development and explore more business opportunities with peace of mind.

 

Mr. Daniel Cheung, Co-founder of KPay, said, "KPay's electronic payment service was launched into the market less than a year ago. Since then, we have attracted more than 8,000 small and medium-sized enterprises and merchants by riding on the consumption fever sparked by the consumption voucher scheme. KPay understands the needs of customers for one-stop payment solutions. With a strong and solid product and business development team and technical support, diversified payment solutions, data security and efficient transaction management, KPay ensures that its customers payment collection process is smooth and easy, allowing them to achieve profit goals more effectively."

 

Given its technological advantages, KPay has become one of the major sponsors of this year’s winter carnival in Hong Kong - "Winter Wonderland" (URL: winterwonderland.hk), providing electronic payment services for the merchants and game booths participating in the event, so that visitors can use credit cards or e-wallets to play games and make purchases at the venue. KPay will also distribute event tickets through its Facebook page. For details, please visit https://www.facebook.com/kpaygroup/.

 

Explore new markets and develop more innovative and convenient trading functions

Looking ahead, KPay will continue to focus on serving the Hong Kong market while also realizing its potential in the Asia-Pacific region. Guided by the three principles of "Pay it Easy", "Pay it Smart" and "Pay it Swift", the company will develop and launch more online payment solutions and add more innovative functions that provide greater convenience to merchants. These will include diversified SaaS products such as catering pre-orders, inventory management software and membership management systems, with the overall aim of creating a quality business environment for all industries and business sizes.

 

About KPay

KPay is a financial technology (fintech) company focusing on integrated business solutions. It uses professional and innovative products to enhance the market competitiveness of medium, small and micro enterprises.

KPay's business covers online and offline fintech services, including electronic payment platforms and products boasting high levels of customer loyalty. With a professional technical development team, the company strives to improve the functionality of merchants’ products based on their needs, so as to help maximize their profits. KPay keeps abreast of the market trends in various regions, and its experienced sales and after-sales teams respond quickly to provide merchants with appropriate business logistics support. Thus, medium, small and micro enterprises from all industries can realise smoother strategic operations and KPay can fulfill its vision of "building a mutually beneficial and complementary e-finance ecological environment”.

KPay Merchant Service Limited was established in July 2020 with headquarters in Hong Kong, China. It began to provide its services to the market at the beginning of 2021 and will gradually expand to major cities around the world.

 

For more information about KPay, please visit the Company's website: kpay-group.com

(2021年12月16日,香港訊) 金融科技初創公司KPay於2020年底在香港成立,短短約一年已打破本地綜合性支付解決方案服務供應商的行業紀錄,為逾8,000家本地中小企業商戶提供完善和先進的線下收款及結算服務,業務發展相當卓越;更獲邀為今屆「冬季奇幻國度Winter Wonderland」的主要贊助商之一,成為該項大型活動的指定電子支付服務供應商。

 

智能POS收款機廣泛通用 讓商戶交易支付暢通無阻

KPay支援多種收款模式,包括掃描或顯示二維碼 (QR Code)、拍卡收款、插卡收款及手機NFC感應式收款。KPay提供的收款服務包括終端機及結算平台,均取得各項相關認證及受有關監管機構約束,包括PCI DSS 支付產業數據安全標準、EMV認證、Visa payWave、Mastercard PayPass認證及銀聯卡受理終端產品認證,讓商戶及消費者均能安心交易。

 

此外,一站式的KPay智能POS收款機可一機收取多達12個主要支付渠道,包括Visa、Mastercard、銀聯、JCB、AlipayHK、支付寶、微信支付 (香港和中國錢包)、雲閃付、Apple Pay、Google Pay及Samsung Pay,與中小商戶於電子支付年代中與時並進,並以專業可靠的服務解決以往繁瑣的收款及結算流程。

 

同時,KPay智能POS收款機亦可因應商戶需要,配合SIM卡或室內無線上網使用,無需固定於指定位置上,在店舖擺設上更具彈性,同時讓交易支付更暢通無阻。

 

創立不足一年 業務成績傲視同儕

KPay目前客戶廣泛分佈於餐飲、零售、醫療、服務等行業;該公司並擁有一支資深而經驗豐富的客戶服務及銷售團隊,為客戶提供迅速和到位的本地售後服務,包括安裝、技術支援、培訓等方面,讓商戶可安心專注業務發展,擴大商機。

 

KPay 聯合創辦人章小健表示:「KPay電子支付服務推出市場不足一年,藉著早前電子消費券熱潮我們在市場上迅速吸納逾8,000家中小企業商戶採用。KPay深諳客戶對一站式支付方案的需求,憑強大且紮實的產品及業務的開發團隊和技術支援、多元化支付方案、數據安全保障以及高效率的交易管理,確保客戶的收款過程輕鬆無阻,從而更有效地實現盈利目標。」

 

KPay更憑藉技術優勢成為今年香港冬日嘉年華—— 「冬季奇幻國度Winter Wonderland」(網址:winterwonderland.hk) 的主要贊助商之一,為場內參與活動的商戶品牌及遊戲攤位提供電子支付服務,以便到訪人士可利用信用卡或電子錢包等參與遊戲及場內消費。此外,KPay透過旗下Facebook專頁派發活動入場券,詳情請瀏覽 https://www.facebook.com/kpaygroup/

 

未來開拓更多新市場 研發更多創意便利交易新功能

展望未來,KPay將繼續專注服務香港市場,亦蓄勢待發於亞太地區大展拳腳;本著"Pay it Easy"、"Pay it Smart"及"Pay it Swift"三大原則,公司將研發及推出更多在線支付解決方案,及增加更多具創意且能實際便利商戶的嶄新功能,例如餐飲預購、庫存管理軟件及會員管理系統等多元化的SaaS產品,務求為各行各業締造優質的營商環境。

 

有關KPay

KPay 是一家專注於綜合商務解決方案的金融科技公司,利用專業而創新的產品為中小微企業提升市場競爭力。

KPay業務涵蓋線上、線下之金融科技服務,包括電子支付平台及用戶黏性產品等。憑藉專業的技術開發團隊,針對商戶所需竭力提升各類產品的功能性,務求協助商戶將利潤最大化。KPay緊貼各地市場脈博,具經驗的銷售及售後團隊快速應對為商戶提供適切的商貿後勤支援,讓各行各業的中小微企業經營更順暢及具策略性,實現「建立互利共營的電子金融生態環境」的願景。

KPay Merchant Service Limited成立於2020年7月,總部位於中國香港,至2021年初全面投入市場服務,並將逐步推進至全球各個主要城市。

 

有關KPay的詳情,請瀏覽網站:kpay-group.com

2021-12-01
2021-12-01

Industry News
業界資訊
Cash No Longer King As Digital Payments Boom
[English version only] | Cash No Longer King As Digital Payments Boom

[Industry News (Repost)]

 

Hong Kong is heading towards a near-cashless society with FIS, a payments processor, forecasting that paper money and coins will account for no more than 1.6% of point-of-sale (POS) transactions by 2024, the lowest in the Asia-Pacific region, and down from 9% in 2019.

 

The disappearance of cash is in part due to Hong Kong’s burgeoning e-commerce market, which is projected to grow to US$29 billion from US$21 billion in 2019. The overall POS market in Hong Kong is forecast to increase by almost 27% to US$236 billion over the same period.

While the most popular online payment method in 2019 was using a credit card, digital wallets are projected to take the top spot by 2024. “We are approaching a new frontier of digital commerce, and Hong Kong is leading the charge across the region as they accelerate cashless payments,” Phil Pomford, Asia-Pacific general manager of Worldpay Merchant Solutions at FIS, has said recently.

Digital payments are more prevalent than ever in Hong Kong, spurred by the recent HK$36 billion in “consumption vouchers” issued by the government to Hong Kong residents this year to stimulate the economy. The city was one of the pioneers of cashless payment systems with the launch of the Octopus stored value card in 1997. Initially used for public transport, the Octopus can now be used in a range of retail outlets and has been one of four platforms used for the consumption voucher.

 

The voucher initiative is designed to boost local spending and accelerate the city’s economic recovery amid the Covid-19 pandemic. Retailers reported sales growth of more than 20% when the first voucher was issued on August 1, with consumers snapping up everything from Rolex watches and electrical gadgets to fast food.

To be sure, Hong Kong has lagged behind the rest of China in its embrace of digital payments. On the Mainland, digital cashless payment is so common that it has prompted the People’s Bank of China to ban businesses from refusing cash payments. But Hong Kong has proved more resistant. Even as retail has embraced cashless payments, other important parts of the economy – from wet markets to taxis – have resisted.

 

King Au, Executive Director of the Financial Services Development Council (FSDC), has noted how digital currency and other innovations in financial technology have changed and are continuing to change today’s business models. The city’s move towards a cashless society is driven by both the private sector and government, with a common QR code specification developed for retail payments in Hong Kong.

The FSDC has closely followed the rise of digital payments. One crucial development was the HKMA’s Faster Payment System (FPS), which makes payments simpler and quicker. The system, operated by Hong Kong Interbank Clearing Limited, allows instant money transfers and bill payments via mobile phones, regardless of the bank or e-wallet that is being used.

 

Chris Barford, Director of the Financial Services Advisory Team at accounting firm EY, forecast during an FSDC event in 2018 that “Hong Kong is poised on the edge of a financial services revolution” with its issuance of virtual banking licences. “I hope that the difference between a mainly cashless, mobile first Mainland and Hong Kong's more traditional models that rely on money, paper forms and Octopus will converge,” he said.

 

According to KPMG, another accounting firm, Hong Kong’s digital banking landscape could follow a similar path to other jurisdictions like the UK, where virtual banks have been steadily building their customer base over time. Furthermore, the Hong Kong Monetary Authority’s initiatives to usher in a new era of “smart banking”, coupled with the opportunity to enhance customer experience in the sector, is creating an environment for digital banking to thrive in Hong Kong.

Most notably, the global Covid-19 pandemic contributed to an explosion in e-commerce across several jurisdictions at the expense of physical retail, which is likely to be an irreversible trend. Hong Kong is no exception, as the FSDC has noted.

“The payment pattern is, among others, one of the key changes we have observed during the pandemic outbreak,” the FSDC said in a statement. “As people and businesses in Hong Kong attempt to reduce cash transactions, electronic payment channels have become increasingly popular. Developed in Hong Kong, FPS has become a key means of transaction in our lives, with more merchants accepting it as a means of payment.”

 

One of the biggest obstacles to a fully cashless payment ecosystem is privacy concerns. Not only can the currency’s issuer and controller track usage, but potentially disconnect a digital wallet if breaches are suspected or detected. This will no doubt meet strong resistance from savers, and to some extent this may also explain why Hong Kong so far has been reluctant to go fully cashless.

So how can the SAR government encourage its take-up? One way to push the adoption would be to remove high-value bank notes from circulation. In 2016, the Indian government announced that all 500 and 1,000 rupee banknotes were no longer legal tender. Amid the chaos of a cash shortage created by demonetisation, cashless payments surged.

Furthermore, car owners, for example, could be encouraged to shift to cashless payments. From petrol stations and congestion pricing to parking, in-vehicle systems could turn vehicles into payment processing platforms. Such systems could also uncover defective components and schedule maintenance automatically, potentially reducing traffic accidents and cutting emissions.

 

Cashless payments have wider benefits, notes Maaike Steinebach, General Manager, Hong Kong and Macau, at the Visa credit card giant. “Cash dominates and is still Visa’s number one competitor,” she acknowledged. “But sentiment is shifting to the benefits of the city. We believe that by adopting more digital payments, Hong Kong consumers, businesses and governments will benefit from greater economic growth, more jobs, higher wages, increased worker productivity, and even lower crime.”

With China, the world‘s second largest economy, on the verge of launching a central bank digital currency (e-CNY) nationwide, Hong Kong should jump aboard the cashless bandwagon. With cross-border renminbi transactions growing year on year, Hong Kong could play an important role in the launch of the digital renminbi. The first step is to build momentum to become truly cashless.

 

Source: Forbes

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