PR92659

SINGAPORE and LONDON, Oct. 28, 2021 /PRNewswire=KYODO JBN/ --

The latest whitepaper

(https://www.hps-worldwide.com/blog/next-wave-card-payments-technology-apac)

commissioned by HPS highlights the considerable rise in the number of

contactless payments and the use of Cacross key markets in Asia-Pacific (APAC)

– and growth is forecasted to accelerate even further by 2023.

Historically, APAC's payments industry has outpaced all other regions over the

past ten years. The region is currently one of the largest contributors to

global payments revenue, generating $630 billion in 2020.

The report outlines the trends, challenges, and opportunities around card

payments technology in the APAC region and provides analysis and

recommendations.

Key findings include:

- Consumer expectations towards frictionless payments are inspiring new

payments solutions, creating opportunities to boost efficiency and enhance

customer experience. Further, digitization of payments and contactless options

are becoming increasingly important to support business continuity.

- Card payment technology at the backend is undergoing transformation. Banks

must ensure that systems at the backend are flexible and ready to support this

transformation to ensure seamless customer experience encompassing instant

issuance of cards, conversion of card request to card number, and API

activation, among others.

- Flexibility is the key in card issuing that enables customers to cover any

card product from credit, debit, prepaid, or loyalty and service both physical

cards and virtual cards issued for phones or other devices. Banks need to focus

on developing a single modular technology solution that supports the entire

payments value chain.

Download "The Next Wave in Card Payments Technology in APAC"

here(https://www.hps-worldwide.com/blog/next-wave-card-payments-technology-apac)

.

About HPS

HPS is a multinational company and a leading provider of payment solutions for

issuers, acquirers, card processors, independent sales organisations (ISOs),

retailers, mobile network operators (MNOs), and national & regional switches

around the world.

PowerCARD is HPS' comprehensive suite of solutions that covers the entire

payment value chain by enabling innovative payments through its open platform

that allows the processing of any transaction coming from any channel initiated

by any means-of-payment. PowerCARD is used by more than 450 users in over 90

countries.

HPS is listed on the Casablanca Stock Exchange since 2006 and has offices

located in major business centres (Africa, Europe, Asia, Middle-East).

For more media information or to schedule a meeting with HPS, please contact

communication@hps-worldwide.com

About IBS Intelligence

IBS Intelligence (IBSi) is the world's only pure-play Financial Technology

focused research, advisory, and news analysis firm, with a 30-year track record

and clients globally. We take pride in covering 400+ technology vendors

globally – the largest by any analyst firm in this space.

https://ibsintelligence.com/

SOURCE:  HPS