McKinsey — The next frontier in Asia payments

Summary:
In our view, five fundamental themes are reshaping Asia’s payments landscape (Exhibit 2). These trends are not new, but they are evolving rapidly, and COVID-19’s impact over recent months has reinforced several of their trajectories. For instance, the pace at which acquirers are onboarding small merchants to accept card payments—creating a true “connected commerce” environment—has accelerated. As a result, cash usage, which remains well above global averages in most Asian countries, is dropping rapidly, with significant opportunities for further reduction. The next decade will see the continuation of these trends, which include industry consolidation as well as the emergence of specialized players addressing evolving needs and capitalizing on business models built on adjacent revenue

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