Research Overview

Digital payments technology adoption in Asia-Pacific remains in a nascent stage, and unlike digital payment methods used by consumers in which streamlined checkout processes accept instant payment using credit cards, the bulk of B2B payments is still tied to paper checks and manual processes.

The future of digital payments is driven by applications and innovations created through partnerships and collaborations among industry stakeholders that are driving digital transformation. Asia-Pacific’s B2B payments market is being spurred by a growing B2B eCommerce market and by the appearance of financial technology (fintech) participants that recognize increasing market opportunities. With the integration of technologies such as a hyperledger framework, open API, and encryption, enterprises are heading towards an era that is borderless, paperless, reliable, and characterized by secure digital payments via a seamless process with minimal disruption.

Security concerns such as data breaches or identity theft act as a key restraint in the B2B payments space; similarly, lingering debt and payment delay can present a risk and place pressure on business cash flow. To minimize these risks and concerns, solutions such as electronic invoicing (eInvoicing) and blockchain can drive B2B payment transitions towards a better customer experience.