Digital technology is opening a myriad of exciting new possibilities for hundreds of millions of people across Southeast Asia.
At the same time, the pandemic has accelerated shifts in consumer behaviour.
How are consumer payments evolving in this fast-evolving landscape? At the Singapore Fintech Festival, 2C2P CEO and founder, Aung Kyaw Moe, shared his thoughts on the ever-evolving space. In “Consumer Trends: Payments CEOs Talk”, Aung discussed and identified five trends around data, consumers, merchants and new technology.
In Thailand, for example, digital payments have quadrupled from pre-pandemic levels. This shift will continue for the next couple of years or more, helped by regulators and other market conditions.
Today, we now have payment options like Buy Now Pay Later (BNPL) and cryptocurrencies coming in, and 2C2P anticipates that more options will follow. To help give businesses and merchants a better overview of Southeast Asia’s dynamic payment space, we recently commissioned this IDC report.
Every regulator may soon want to have their own digital currency too. To ensure a smooth transition, 2C2P is building bridges between traditional and new payment methods.
2C2P is actively exploring ways to onboard new payment options to give merchants all the payment options that consumers want to use at checkout. Mastercard’s recently-announced crypto partnership with 2C2P, is one such example.
The transition to a more open, decentralised Web 3.0 in which users regain more control over their own data and identity raises new data security issues. 2C2P expects new standards to emerge and stands ready to adapt and comply.