Trends in global payments: blockchain’s role

The payments sector is undoubtedly undergoing significant change, driven by technological advances and evolving consumer demands. Trends such as digital and contactless payments, instant transactions, ‘buy now, pay later’, tokenisation/digital currencies and enhanced security measures are reshaping how transactions are conducted whereby offering faster, more convenient and safer payment methods. Indeed, businesses must stay updated with these developments to meet consumer expectations whilst financial institutions face the challenge of adapting or falling behind. And gaining a deeper understanding of this rapidly changing field is vital for both businesses and consumers as it will continue to influence the global economy and transform financial services.

The rise of digital wallets in the Asia-Pacific (APAC) region highlights the swift transformation of its financial landscape, particularly in consumer preferences and technology adoption. In 2023, digital wallets made up an impressive …