Navigating the new norms of payments for businesses across Southeast Asia
By Wenhui Yang, GM, UnionPay International Southeast Asia There is no doubt that the unfolding of the global public health crisis today has had widespread impact on economies, businesses and almost all aspects of our lives, on a scale that we have never seen before. However, amidst the gloomy repercussions felt at various levels of the society, the payments industry as a whole is encouraged to see a silver lining in the acceleration of digital payment adoption during this exceptional time. Over a year ago, when we first released The Future of Payments Study conducted by UnionPay International in partnership with Nielsen on 400 mobile payment users in Singapore, we found that cash was clearly king across all consumer segments. Not only was cash the most popular mode of payment used by over nine in 10 (94%) respondents, it was also one of the most frequently-used payment modes. However, in light of the recent developments as a result of the global pandemic, we may well see an accele...