The Transformation in Payment Landscape

In recent years, the financial technology (fintech) industry has been significantly disrupting the traditional payment landscape, prompting banking institutions to reassess the banking infrastructure and payment technology.

Over the last few years, payment trends have witnessed a substantial transformation in the global retail landscape, resulting in a significant shift from traditional in-store purchases to digital retail and digital payments. This transformation has changed the relationship between merchants and consumers.

With the rise of e-commerce and mobile payment apps, the payment industry has embraced and supported the shift to contactless payments. Customers now expect a seamless digital payments experience across all their devices and platforms.

The pandemic has further accelerated these payment trends, boosting the adoption of digital wallets and in-app payments, resulting in an even faster and more flexible payment process.

How Payment Trends Shape Cross-Border Payments

Throughout the pandemic years, consumers have developed a new payment habit, opting for mobile options, speedier processing, and a wide variety of payment methods that offer greater convenience, better fitting their daily lives.

Since digital wallets have become the new normal across the world, tap-and-go payment terminals are now likely to be seen everywhere. Travelers can conveniently use their digital wallets to make payments abroad. One added advantage of this shift is that consumers can manage money directly from their eWallet, enabling better monitoring of purchases and easier tracking of spending throughout the trip.

Touch 'n Go eWallet now offers a seamless payment experience to over 20 million users in popular destinations, including Mainland China, Japan, Singapore, South Korea, Thailand, and Indonesia. This development provides our users access to a vast network of millions of merchant touchpoints, enabled through its integration with national cross-border QR payment and its partnership with Ant Group’s Alipay+. Touch 'n Go eWallet is also accepted across Indonesia’s QRIS network, allowing users to pay seamlessly with competitive exchange rates at more than 25 million merchant touchpoints.

When travelling to these countries, users can easily identify these logos to facilitate their payments.

Read Also: Touch ‘n Go eWallet users can make QR payments in over 12 countries via Alipay+ and DuitNow QR cross-border network