Digital disruption is a common theme in almost all industries including the payments industry. Digitalization of the industry ecosystem is creating opportunities for payments system providers (PSPs). It will result in mobiles being at the centre of industry ecosystem transformation spurring a host of opportunities for mobile payments. Asia-Pacific going cashless is seen as a catalyst for the mobile payments market and as mobiles will be at the centre of industry ecosystem transformation, it will be a key enabler of cashless societies. However, because cash is seen as a permanent payment option, solution providers are not developing mobile payments solutions that truly disrupt the payments ecosystem. There is need for regulatory and industry alignment on standards, feature, and functionality, as well as cross border applicability across Asia-Pacific and even globally in order for mobile payments as the future payment method to crystalize.
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