FinTech LIVE Singapore – Digital Payments Panel

May 21, 2024

34 1 minute read

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Digital transformation and paperless transactions

With the panel discussing the shift to becoming digital and paperless, the panellists discuss how the industry is moving towards digital transformation with standards like ISO 20022 providing a common language for transactions globally.

“With the introduction of digital wallets, merchants who could not acquire a transaction by a normal traditional credit card terminal can now, via mobile wallet,” says Standard Chartered.

With digital payment solutions, the unbanked and underbanked can gain access to basic financial services, transforming socioeconomic factors and society. However, while digital payments are faster, cheaper, safer, and more transparent, they also require more education for customers.

“These services in terms of digital payment are faster, cheaper, safer, more transparent, but it also comes together with more education,” says Khang.

Other discussion points included online retail, the benefits of digital payments, operational challenges to overcome, and the future of digital payments.

“The next generation is much more demanding in terms of technology and seamlessness… Instant education is crucial in the customer journey,” says Khang.