How are consumer payments evolving in this fast-evolving landscape? At the Singapore Fintech Festival, 2C2P CEO and founder, Aung Kyaw Moe, shared his thoughts on the ever-evolving space. In “Consumer Trends: Payments CEOs Talk”, Aung discussed and identified five trends around data, consumers, merchants and new technology.

1. The speed of digital payment adoption increased during the pandemic.

In Thailand, for example, digital payments have quadrupled from pre-pandemic levels. This shift will continue for the next couple of years or more, helped by regulators and other market conditions.

2. New payment methods will continue to emerge.

Today, we now have payment options like Buy Now Pay Later (BNPL) and cryptocurrencies coming in, and 2C2P anticipates that more options will follow. To help give businesses and merchants a better overview of Southeast Asia’s dynamic payment space, we recently commissioned this IDC report.

3. New cryptocurrencies issued by central banks will have a bigger impact in the future.

Every regulator may soon want to have their own digital currency too. To ensure a smooth transition, 2C2P is building bridges between traditional and new payment methods.

4. Merchants need to get new payment methods without making big changes to their existing operational processes and standards.

2C2P is actively exploring ways to onboard new payment options to give merchants all the payment options that consumers want to use at checkout. Mastercard’s recently-announced crypto partnership with 2C2P, is one such example.

5. Web 3.0 will bring new cybersecurity and privacy challenges.

The transition to a more open, decentralised Web 3.0 in which users regain more control over their own data and identity raises new data security issues. 2C2P expects new standards to emerge and stands ready to adapt and comply.

In case you missed it, catch up on the Singapore Fintech Festival here.