In recent years, digital payments have been an indispensable part of daily life, freeing consumers and merchants from the constraints of cash, and the shortfalls of less reliable payment methods. Mobile payment has seen widespread adoption in China, as low credit card penetration, and a mobile-phone centric society, has facilitated exponential growth in the sector, a development that has had enormous implications for the Chinese consumer economy.
Across Asia, digital payments are on the rise, with non-cash transactions projected to reach $276.8 billion by 2020. Due to supportive government policies, evolving consumer behavior, and the dizzying pace of technological innovation, payment service providers face enormous pressure from a wide range of competitors. Key stakeholders in the payment ecosystem, including banks, alternative payment providers, telecom operators and retailers, have driven the boundaries of digital payment through continuous innovation and collaboration, providing users with unprecedented new features.
The summit will gather policymakers, analysts, and industry leaders to discuss regulatory conditions, R&D innovation, payment supply chains, and marketing and business development strategies for payment in the Asia-Pacific region. It will provide a platform for attendees to share firsthand experiences and high-level knowledge, as well as network with industry peers from around the world.