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Failed payments cost the Asian economy $43.7 billion in 2020.
New service to check incorrect beneficiary information prior to fund release, goes live.
Fraud costs in Australia, Hong Kong, India and Japan are above the Asian average.
Six global institutions have endorsed SWIFT’s new transaction management platform, expected to go live in November 2022 to transform cross-border payments.
Amid the pandemic, this market – estimated at roughly $11 billion in 2020 – is projected to reach nearly $56 billion within the next six years.
The increase in penetration of contactless and digital payment systems will boost the growth of the global NFC payment devices market over the coming years.
The bank has recruited from EY to spearhead a new digital payments solution in Asia Pacific.
The new business-to-consumer (B2C) solution will support US and cross-border transactions via bank cards.
A joint survey by HSBC, KPMG China and GS1 Hong Kong has highlighted the growing reliance among the region’s retail businesses in e-commerce platforms.
A new payments partnership will give businesses across the region the opportunity to offer GrabPay as an online payment method.