Given the changing landscape of the payment ecosystem in Asia, businesses need to be prepared by investing in innovative technology and develop processes to better serve the next generation of consumers.
Understanding this, the Cards & Payments Asia 2013 provided updates on the latest digital security, smart technologies and payment trends, as well as insights on how to leverage the new payment platforms.
The spotlight at the two-day tradeshow was on the suite of integrated virtual payment solutions from V2PAY Group Pte Ltd, a global technology company that develops white label convergent mobile financial systems for payments, banking, telecommunication, wholesale and remittance industries. The solutions include:
- V2REMIT: a global instant money transfer service for banking and remittance via any Internet-enabled device or at a verified retail or banking outlet. The service leverages existing banking and financial infrastructure, and both the sender and receiver of a transaction are verified through proprietary and secure V2ID technology.
- V2CARD: a service that allows unbanked customers to make online payments with prepaid virtual debit cards.
The subject of near field communication (NFC) technologies was also touched upon at the event. Jeff Miles - vice-president of mobile transactions for NXP Semiconductors, one of the co-inventors of Near Field Communication - shared how the technology can not only be used as a payment solution but also enabled customers to have personalised interactions with their physical environment using their smartphones.
Cards & Payments Asia 2013 was held at Singapore's Marina Bay Sands Expo and Convention Centre on 24-25 April.
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