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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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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 streams....
McKinsey & Co.
The next frontier in Asia payments
McKinsey Report
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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