In 2010 alone, Asia’s share of global transaction volumes leapt from 26 percent to 31 percent and by 2015, the region is expected to account for 48 percent of all purchase volumes (roughly double that of the US)1.
Asia is rapidly becoming the epicentre of the payments industry as the balance of transactions begins to shift from the West to the East. The Great Payments Transformation series will shed light and share insights on some of the biggest considerations facing both domestic and international companies. The global Sibos conference is being held in Japan this year, which could lead to a significant increasing interest in the Asian payments ecosystem from companies at home and around the world.
The bottom line is that the agenda of the global payments industry is now largely being driven by the east and, if foreign players are not quick to assess the impact of this tectonic shift, they may find themselves struggling to compete in this bold new world.
The series covers a range of considerations for the payments industry such as mergers and acquisitions (M&A), technology operating models, regulation and the impact of cloud computing and shared services.
KPMG Payments specialists share practical insights and advice through this series of articles aimed at bringing clarity to the burgeoning Asian payments market.