Payments in a Low Touch Economy
Social distancing regulations, temporary lockdowns, travel restrictions - all these have becomed part of our new normal. But how have these changed the way we make payments?
Following Singapore Fintech Festival (SFF), this article follows the category of Inclusion and includes the following panel of speakers -
Anthony Thomas, Chairman, Momo
Kamal Quadir, Chief Executive Officer, bKash Limited
Lucy Liu, Co-Founder and President, Airwallex
Ling Hai, Co-President, Mastercard Singapore
What is a low touch economy?
Introduced due to Covid-19, the term 'low touch economy' refers to the way businesses across the globe have been forced to the new normal of low-touch interactions which has undoubtably changed the way we live, work and even make payments.
Instamo has played a pivotal role in this low touch economy. By supporting one click payments and QR code payments for all the countries we operate in, we hope to be your chosen platform into this transition of our low touch economy.
What does this mean for us?
During a session in Singapore's Fintech Festival 2020, Ling Hai, the Co-President of Mastercard Singapore mentioned that “Yesterday’s agenda got us to today but what is the agenda that we need for the future?” Covid-19 has accelerated digitalisation trends pre-Covid and amidst all these, our mode of payments have shifted from cash to digital payments.
Peer-to-peer (P2P) payments, e-commerce payments, in-app payments have all gone digital. Users that were hesitant to go digital pre-Covid, have now been forced to accept this digital change. In South Korea, the government encourages all merchants to accept electronic payments and in Japan, only 50% use cash in retail expenditure.
From the panelist, Kamal Quadir, the CEO of bKash Limited talked about how the habits of users changed in the past 9 months. In his perspective, sending money home and utility bill payment have changed. bKash in Bangladesh links up over 25 banks and 50 million people on bKash to provide financial inclusion within the economy.
From Anthony Thomas, the Chairmas of Momo of Vietnam, in his point of view, given that Vietnam has a sum total of 35 deaths and 13 000 cases, Vietnam hasnt felt the pain of Covid-19 felt by other countries. Undoubtably, it is undeniable that there has been an acceleration of pre-covid trends.
In the financial services sector, there was an overall rise in peer-to-peer money transfer, in-application online payments and e-commerce, games and mobile top-ups. Moreover, within Vietnam, domestic travel volumes also saw a rise despite the decline in overall tourism and entertainment industry.
At Instamo, we partner with companies across the world to streamline the process and ensure that our consumers get the best value available in the market.
As a one stop virtual and open banking solution for money transfer, Instamo is here to aid your transition to the new low touch economy.
We offer you a solution that is convenient, inexpensive and fast.
Putting our consumers in mind, our partnerships aims to facilitate fund transfer and achieve faster settlement for you. We act as a one-stop payment aggregator for banks and fintech firms in the industry and provide you with an ecosystem that is seamless and intuitive.
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