Payment Painkillers for Asian PSPs, identifies the challenges facing businesses based in Asia and making payments into Europe. In particular focusing on the global opportunity for ‘marketplaces’, the white paper highlights the opportunities for Asian PSPs.
With India, China and the Philippines being the largest recipients of cross border payments in the world, Asia is hugely influential in global trade. Annual growth in the region’s ecommerce market is predicted to grow 12 per cent year-on-year until at least 2022. And Banking Circle research found that payments in Asia have skipped the stumbling block of traditional payment methods moving straight on to digital payments.
Almost 75 per cent of Asian banks offer mobile-based cash management tools and these tools are heavily used by 70 per cent of large corporates. However, the vast array of mobile payment solutions and alternative payment providers has created a fragmented market that is hard to navigate for the plethora of merchants that want to trade on European marketplaces.
As such, there are so many payment options available in the market that it is difficult for Asian merchants to ensure they focus investment on the right payment types for the regions within which they want to grow.
Anders la Cour, co-founder and Chief Executive Officer of Saxo Payments Banking Circle commented: “The fragmented payments market in Asia is a difficult environment for merchants – but provides a real opportunity for PSPs serving the region,” co-founder and CEO Anders la Cour said. “And financial utilities like Banking Circle can help them realise that opportunity.
“Payment providers who join the Banking Circle can offer ‘local’ cross border payments, with low fees, good FX rates and fast transfer times. It’s a cohesive solution – there’s no differentiation between local and cross border payments. All payments occur quickly, at low cost. Payments are simply payments.”