Fintech PR
Rapyd Research Identifies Rising Digital Payments Winners Across Asia Pacific
Rapyd, a global Fintech as a Service company, has released its 2020 Asia Pacific eCommerce and Payment Study. The study analysed the financial habits, payment methods, considerations, and preferences of consumers in seven Asia Pacific countries, uncovering how consumer buying expectations and behaviours are evolving in an increasingly digital world.
The research, conducted in March and April 2020, surveyed 3,500 online consumers – 500 respondents per country in India, Indonesia, Japan, Malaysia, Singapore, Taiwan, and Thailand. The results highlight a quick rise of new payment technologies that have emerged in recent years and gained rapid adoption and popularity by offering a convenient payment experience, adapting to local context, and providing access to digital payments for traditionally underbanked communities.
The study helps businesses gain insights into consumer buying habits and payment diversity in Asia, helping eCommerce and mCommerce businesses increase their addressable audience and include new customer segments into the Internet economy by adopting the most relevant digital payment options, as buyers go increasingly cashless during the current health crisis.
E-commerce and mobile-commerce in the seven countries is worth some $355 billion, as presented in the study. Southeast Asia’s internet economy hit $100 billion in 2019 and is expected to grow to $300 billion by 2025.
Joel Yarbrough, Vice President for Asia Pacific, Rapyd said: “Since the beginning of the global pandemic, going digital is no longer optional. eCommerce is now the new baseline. All over Asia, we see stratospheric growth in digital payment methods, with local patterns and local winners in every country. With this report, Rapyd provides businesses with the local market insights on payment behaviors, brands of choice, and technologies that are critical in creating a relevant checkout experience for consumers today.”
Challenge for Card-Only Merchants
While cards and card-powered mobile wallets are dominant in Japan (61%) and Taiwan (51%), across markets, there is a dramatic uptake of eWallets and bank transfers as preferred ways to pay.
Taken together, eWallets and bank transfers represent the emerging wave of payments – particularly where they are enhanced by interoperable Real-Time Payment (RTP) systems like India with UPI (64%) and Thailand with PromptPay (62%). Even in a card-preferring market like Singapore, together eWallets and bank transfers, including PayNow, are preferred by 42% of respondents, swinging all the way to 78% in Indonesia.
Key findings for each country include:
Singapore
- Real-time bank payments are on the rise: PayNow and FAST bank transfers are rising in importance as concerns about coronavirus converge with several years of government investment.
- PayNow is in #2 spot among the top payment methods with 70% of respondents using it in the last month.
- GrabPay is the 3rd most popular payment method after Credit Cards and PayNow.
Indonesia
- OVO Wallet is the #1 frequently used payment method with 69% respondents claiming to have used it in the past month, and the country’s most preferred one with 17.8% respondents choosing it amongst all payment brands.
- Indonesian consumers strongly prefer ewallets to cards and cash with 33.8% choosing one of three eWallets (OVO, Go-Pay, or Dana) as their preferred way to pay.
- Real-time bank transfers including both virtual accounts and older bank redirects are preferred 44% of the time on the archipelago.
Malaysia
- Bank transfer by Maybank2U, owned by Maybank, the largest bank in the country, is the most popular online payment method by usage (65%) and preference (21.4%).
- eWallets including Touch N Go, Boost, PayPal, and GrabPay are all of rising importance with 22% respondents choosing them as their preferred payment methods.
- Cash on Delivery remains relevant with 65% users claiming to have done it in the past month, prior to the Movement Control Order (MCO).
India
- 85% of Indian respondents used Paytm in the last month.
- With the growth of India’s UPI payment scheme, eWallets (including Paytm, Google Pay, Amazon Pay) are preferred by 51.2% of users and bank transfers by 11.9%.
- Debit and credit cards together are preceded by 28% of respondents.
- 49% of respondents make online purchases daily (highest among all countries surveyed).
Japan
- Most consumers still prefer credit cards and cash over the counter.
- Amongst mobile payment methods, the PayPay eWallet is rapidly gaining popularity with 41% users claiming to have used it in the past month, and 9.6% choosing it over all other payment methods.
Taiwan
- Credit cards continue to be the top payment method in Taiwan both in terms of usage and preference.
- Consumers appear to use multiple payment types depending on the use case, with preferences split almost equally between credit cards, pay-on-pickup at convenience stores, bank transfers, local Easycard, and eWallets.
Thailand
- The TrueMoney eWallet is the leading payment method with 66% of respondents using it regularly, and 16.8% choosing it over any other payment method.
- Together, eWallets and bank transfers make up the most popular payment methods chosen by 62.2% users – a trend accelerated by the interoperable PromptPay payment scheme.
- Cash is still preferred in highly digital Thailand by 19.4% of respondents.
Consumers in the region and current conditions continue to push businesses towards digitalisation and as digital adoption accelerates, it is essential for businesses to invest in the right technologies to build a strong online presence supporting mobile and social commerce trends catering to each market. This localisation is the key to sustaining the business in the time of the COVID-19 crisis, and for speedier recovery and further long-term growth.
Access the Rapyd Asia Pacific 2020 eCommerce and Payment study here.
VADUZ, Liechtenstein, Dec. 23, 2024 /PRNewswire/ — Wirex, a global leader in bridging traditional and digital finance, has announced the addition of VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to its platform. With this integration, Wirex users can now spend VEUR and VCHF directly through their Wirex cards, streamlining everyday transactions and enhancing convenience.
Wirex cards allow users to use VEUR and VCHF in various ways. Whether users receive payments in VEUR and/or VCHF, use them for remittances (including cross-border transactions), or sell digital assets for stablecoins instead of fiat, Wirex provides the simplest solution for spending in real life. Users can instantly convert their stablecoins into fiat currency and send them directly to their bank accounts, catering to those who prefer traditional banking options.
Pavel Matveev, Co-founder of Wirex, said: “We’re excited to welcome VNX Euro (VEUR) and VNX Swiss Franc (VCHF) to Wirex. This addition allows our users to effortlessly spend stablecoins in real life, whether for daily purchases, remittances, or managing their digital assets. At Wirex, our goal is to make digital currencies as convenient and versatile as traditional money, and VEUR and VCHF are another step toward achieving that vision.”
Future Features
Additional features will be rolled out later after the launch, complementing the immediate benefits of VEUR and VCHF. These include loans and high-yield X-Accounts, both of which are growing in popularity among Wirex users. Loans offer a smart and tax-efficient way to access liquidity without selling underlying digital assets. Users can leverage their BTC, ETH, SOL, and other digital assets, as collateral for loans in stablecoins, allowing them to benefit from potential appreciation while accessing funds without triggering taxable events.
X-Accounts provide an opportunity for users to earn industry-leading yields of up to 15% APY on their stablecoin balances, enhancing the overall value proposition of holding VEUR and VCHF within the Wirex ecosystem.
Upcoming Advanced Opportunities
VEUR and VCHF have the potential to become preferred options in Wirex’s advanced trading products, such as Wirex DUO and Wirex Multiply. Notably, Euro-backed stablecoins have already demonstrated significantly higher usage among Wirex users than larger USD alternatives, highlighting strong demand for Euro-denominated trading options.
As Wirex explores adding VEUR and VCHF to these products, it aims to further strengthen its position as a leader in digital finance by offering innovative solutions that bridge the gap between traditional finance and digital assets.
Disclaimer: The term “stablecoin” is used herein in relation to VEUR and VCHF for marketing purposes. The reader however shall understand that VEUR and VCHF are fiat-referenced tokens which are described in more detail in the VNX Gold based Fiat Referenced Tokens (FRT) Terms and Conditions which are available for review at www.vnx.li
About VEUR and VCHF
Both VEUR and VCHF are multichain tokens referencing the Euro and Swiss Franc, developed by VNX, generated by a licensed token generator under the Blockchain Act in Liechtenstein. VEUR and VCHF are supported by the reserves ensuring 1:1 parity and represent a reliable digital asset in the crypto world. These tokens combine the stability of fiat currencies with the convenience of crypto, enabling quick, low-cost, and 24/7 accessible cross-border payments while opening new opportunities in DeFi.
About Wirex
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management. Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
Photo: https://mma.prnewswire.com/media/2586836/Wirex_VEUR_VCHF.jpg
Logo: https://mma.prnewswire.com/media/2031625/5077408/Wirex_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/wirex-adds-veur-and-vchf-stablecoins-to-its-platform-for-seamless-spending-302338369.html
Fintech PR
GCL Energy Technology and Ant Digital Technologies Launch First Blockchain-Based RWA Project in Photovoltaic Industry
SUZHOU, China, Dec. 23, 2024 /PRNewswire/ — GCL Energy Technology Co., Ltd., a leader in the clean energy sector, and Ant Digital Technologies, a pioneer in digital technology services and blockchain technology, have achieved a significant milestone by successfully completing the first-ever Real World Asset Tokenization (RWA) issuance in China’s photovoltaic industry, securing 200 million yuan in cross-border financing. The groundbreaking initiative on December 23 not only injects substantial new capital into GCL Energy Technology’s ambitious growth plans but also establishes a novel financing model for Chinese photovoltaic companies seeking to fund green projects internationally.
RWA represents a transformative approach to asset management, where physical assets are digitized as tokens on the blockchain, enhancing liquidity and market accessibility. For this inaugural issuance, GCL Energy Technology has tokenized two strategically significant solar power plants in Hunan and Hubei, with a combined capacity of approximately 82MW, to spearhead this new financing frontier.
As the core entity of China’s largest private power conglomerate, GCL (Group) Holdings Co., Ltd., GCL Energy Technology is at the forefront of integrating clean energy production with comprehensive energy services and advanced digital operations. The company has significantly expanded its renewable energy footprint, with its total installed capacity reaching 5976.36 megawatts as of September 30, 2024, and renewable sources constituting 57.81% of this capacity. Notably, under the GCL SUN brand, residential photovoltaic installations have surged to 1105.89 megawatts across more than 36,500 households, demonstrating robust growth.
This RWA initiative is a cornerstone in GCL Energy Technology’s strategy to harness data for asset valorization, involving around 3000 residential photovoltaic systems. By integrating cutting-edge artificial intelligence, blockchain, and IoT technologies, the project packages and stores operational and revenue data on the blockchain. This dual-chain and one-bridge architecture has garnered strong backing from prominent global investors, reinforcing RWA’s role as a pivotal green finance tool that underscores the company’s commitment to sustainable development and transparency.
The move not only bolsters GCL Energy Technology’s global ESG credentials but also strengthens its position in the international market, aligning investor interests with the burgeoning demand for environmentally responsible, low-carbon investments. Looking ahead, GCL Energy Technology remains dedicated to leading the charge in renewable energy, with a strategic focus on leveraging data to drive innovation across the sector and foster a transparent, effective ESG ecosystem.
During the issuance event, Ant Digital Technologies emphasized that industries are increasingly adopting renewable energy and sustainable assets to drive sustainable growth, and its partnership with GCL Energy Technology aims to better support this trend. Leveraging blockchain and smart contract technologies, the collaboration has dramatically improved the transparency and efficiency of asset management, operations, and transactions, while also reducing costs associated with these activities. The strategic alliance is a response to the growing market demand in the photovoltaic sector, bringing substantial practical benefits to the real economy and demonstrating the scalability of these advanced technologies.
At the same event, strategic ties were further cemented with a comprehensive partnership agreement signed with Ant Digital Technologies in Suzhou. The partnership will broaden to include joint construction, acquisition, and securitization of new energy assets, covering distributed, commercial, industrial, and residential photovoltaic power stations.
In addition, both parties will collaborate to develop AI large model applications for various scenarios including new energy generation forecasting, energy management optimization, and intelligent operations, driving the industry’s move towards enhanced intelligence and sustainability.
Photo – https://mma.prnewswire.com/media/2586830/1.jpg
Logo – https://mma.prnewswire.com/media/2586835/GCLET_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/gcl-energy-technology-and-ant-digital-technologies-launch-first-blockchain-based-rwa-project-in-photovoltaic-industry-302338353.html
Fintech PR
FXCess CFD Broker Now Empowers Partners with up to $5,000 Monthly Earning Opportunity via Referrals
HAMILTON, Bermuda, Dec. 23, 2024 /PRNewswire/ — FXCess CFD broker, a leading brand in the trading landscape, has introduced a new opportunity for its partners. The IB Reward program is a recently launched initiative that pays participants up to $5,000 per month for referring active traders. Unlike other income opportunities, this program involves zero risk, which makes it a perfect option for partners who want to maximize their financial potential.
“We are genuinely excited to bring this opportunity to our partners. The IB Reward Program is designed with simplicity and high returns in mind,” stated Thomas Pavlatos, the spokesperson for FXCess. “Participants will be able to earn substantial monthly rewards by referring new traders to our platform while enjoying the thrill of a risk-free earning process. This showcases our efforts to help our clients achieve consistent financial success.”
A Structure That Rewards Effort and Success
The FXCess CFD broker offers a Reward Program that is structured into five unique tiers. Starting at the Bronze level, partners can earn $450 if their network meets a net deposit of $10,000 and 100 traded lots in a month. Rewards grow progressively on Silver, Gold, and Platinum tiers, and reach the Master level with a maximum of $5,000 earnings for $150,000 net deposits and 1,250 traded lots. The eligibility is checked at the end of every qualifying month to make sure the participants get their due rewards for fluffing the criteria.
“Our Reward Program is more than a simple referral initiative. It is a reflection of our commitment to providing high-value benefits that align with the needs of our partners,” Pavlatos added. “With no risk of loss and the potential to earn up to $5,000 every month, this program sets a new standard in rewards. Moving forward, we remain dedicated to introducing further innovative programs for all of our valued partners.”
About FXCess
FXCess CFD broker is a trusted name for traders worldwide. The company offers over 300 trading instruments, from forex pairs to futures, for both beginners and seasoned professionals. Moreover, they provide competitive trade conditions, multiple account options, and solid customer support so that every client is served with the best services. Supported by advanced platforms like MT4 and PMAM, FXCess CFD broker delivers trading excellence with a focus on transparency and trust.
FXCess is a trade name of Notesco Int Limited; a company incorporated in Anguilla with registration number A000001800 and registered address The Valley, AI2640, Cosely Drive, 1338, AI.
All trading involves risk. It is possible to lose all your capital.
View original content:https://www.prnewswire.co.uk/news-releases/fxcess-cfd-broker-now-empowers-partners-with-up-to-5-000-monthly-earning-opportunity-via-referrals-302338245.html
-
Fintech7 days agoFintech Pulse: Your Daily Industry Brief (Synapse, Shenzhen Institute, Visa, AutomatIQ, MeridianLink)
-
Fintech6 days agoFintech Pulse: Your Daily Industry Brief (Revolut, Bestow, Advyzon, Tyme Group, Nubank)
-
Fintech4 days agoFintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
-
Fintech6 days agoAsian Financial Forum returns as region’s first major international financial assembly in 2025
-
Fintech PR3 days agoAccording to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
-
Fintech PR3 days agoPresident Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
-
Fintech4 days agoAirtm Enhances Its Board of Directors with Two Strategic Appointments
-
Fintech4 days agoSPAYZ.io prepares for iFX EXPO Dubai 2025