A new era for payments in APAC: Moving beyond omnichannel to frictionless commerce

In APAC, the adoption of contactless payments is surging, with consumers preferring the tap-and-go experience over traditional payment methods. In fact, contactless payments have become the cornerstone of modern commerce, driven by the need for speed, convenience, and security.

The key benefits of contactless payments include:

• Security: Contactless payments are inherently secure, reducing the risk of fraud.
• Speed: Transactions are completed in seconds, enhancing customer satisfaction.
• Convenience: They support a wide range of payment methods, including virtual cards and eWallets.
   

The SCB Tap-To-Pay initiative by Siam Commercial Bank in Thailand is a prime example of this evolution. By partnering with global digital payment leaders like Cybersource, a part of Visa Acceptance Solutions, SCB has enabled merchants to offer contactless payment experiences using mobile devices, eliminating the need for cumbersome EDC machines.

POS systems are no longer just about processing payments; they are about creating a unified experience. By integrating card-present (CP) and card-not-present (CNP) transactions into one dashboard, businesses can better manage their transactions, gain insights, and optimise operations.

With POS technology evolving rapidly, including advancements in modern POS devices and the acceleration of Tap to Phone, keeping up with innovations can be challenging. Success depends on partnering with providers who offer the flexibility and support needed for growth.

Our Card Present Connect can help you:

• Be flexible: Use your current card-present partner or choose from our range of pre-integrated options.
• Extend your reach: Connect to 25+ card-present acquirers/processors and 230+ potential acquirers worldwide.
• Embrace versatility: Support various payment scenarios like mass transit, standalone systems, mPOS, countertop, and Tap to Phone—all on one platform.
• Reduce inefficiencies: Streamline operations, improve customer experiences, and stay ahead in a fast-changing market.
   

With our wide selection of terminal partners like Ingenico, PAX, Castles, and SoftSpace, we are pioneering innovative solutions that cater to different verticals such as food and beverage, hospitality, and SMB, making it easier to penetrate these markets.

Invisible payments are the pinnacle of frictionless commerce, where transactions occur seamlessly in the background.

This concept is gaining traction in APAC, especially in sectors like eCommerce and ride-hailing. Using technologies such as tokenisation and biometric authentication, invisible payments offer unparalleled convenience and security. The benefits for businesses include:

• Enhanced customer experience: The need for physical interaction is eliminated, making the payment process virtually invisible.
• Increased efficiency: Transaction time and operational costs can be vastly reduced.
• Higher security: Advanced technologies ensure that sensitive information is protected.
• Unified commerce: Streamlines the buying experience by integrating all sales channels and boosts customer satisfaction with more personalized, efficient service.
   

Unified commerce is about merging online and offline payment channels into a single, cohesive system. This integration provides businesses with a holistic view of their transactions, enabling them to make informed decisions and improve customer experiences.

By consolidating in-person and online transactions, businesses can streamline their operations, reduce costs, and enhance security. These are some of the key benefits:

• Operational efficiency: A unified system simplifies transaction management and reduces the complexity of handling multiple payment channels.
• Data insights: Access to comprehensive data allows for better analysis and decision-making.
• Customer loyalty: A seamless payment experience and personalised service foster customer loyalty and drives repeat business.
   

As the payments landscape continues to evolve, moving to frictionless commerce is crucial for staying competitive. By embracing contactless payments, innovative POS solutions, invisible payments, and unified commerce, businesses in APAC can lead their organisations and customers into a new era of seamless, secure transactions.

The future of commerce is not just about keeping pace with technological advancements but about proactively driving change that meets consumer demands. Decision makers in payments must consider the broader implications of these innovations on their businesses, customer relationships, and market positioning. The time to act is now, as the transition to frictionless commerce will define the leaders of tomorrow.

Our APAC team can help you start your journey today towards frictionless commerce experiences in APAC.