target audience: TECH BUYER Publication date: Sep 2024 - Document type: IDC Perspective - Doc Document number: # AP51928624
C2G: Cross-Border Payments and China's Role in Enhancing Infrastructure
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Abstract
This IDC report looks at the growing impact of China companies in the cross-border payments space in mobile wallet integration in Asia while looking at the potential future impact of further China payment innovation in the form of central bank digital currencies (CBDCs) for cross-border payments. The creation of new payment rails in Asia/Pacific independent of existing legacy infrastructure presents new opportunities to offer new services and products to new potential customer bases across borders.
"In Asia/Pacific, where payment innovation has been so prominent over the last decade, innovation inertia is now focusing on solving the long-standing issues with cross-border payments. In a region where card usage is still often low, these new payment networks offer convenience to customers and significant new business potential for those involved in payments. Both financial services institutions (FSIs) and merchants interested in cross-border commerce will need to assess how they may can integrate such schemes into their own product offering as part of their customer experiences," says Michael Sek Pheng Yeo, associate research director, IDC Asia/Pacific.