As economies in Asia move towards some semblance of post-pandemic normal, one observable trend is the continuing shift away from traditional cash and cheque methods of payment to a diverse landscape that includes digital wallets, digital currencies and innovative fintech solutions.
Propelling this growth of non-cash transactions is a consumer base that is becoming accustomed to cross-border transactions, e-wallets, instant payments, and QR-code-based solutions. With the Asian Development Bank forecasting the digital economies of the Asia-Pacific region to be worth up to US$1 trillion, how should CFO of corporate entities approach the evolving payment landscape?
In this PodChats for FutureCFO, Edward Metzger, vice president for payments efficiency at LexisNexis Risk Solutions, shares his perspective on capturing opportunities under an evolving payments landscape.
1. Before we go into the future, let’s first look at the recent past and current situation. How has the payments landscape changed over the last few years, especially after the pandemic?
2. All of that is great if you are the consumer and merchants. But what about corporate entities? What is the impact of instant payments in terms of how CFOs manage the finances of the organisation?
3. Given this direction towards instant payments, what are the key challenges that CFOs must grapple with as their organisations move to adopt these instant payment solutions?
4. Efficiency remains a high priority for CFOs. What does the CFO need to put together as they look to service providers like LexisNexis Risk Solutions?
5. Coming into the new year, what technology trends and regulations will have the most significant impact on companies?
6. How should CFOs rise on these trends while supporting growth targets?
7. How about regulations, are there any trends that will arise as organisations adopt instant payments?
8. What is your advice for CFOs as they optimise these new trends?