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central theme while at the same time we need to cater to local behaviour, needs and preferences.” A cashless society is in the line of sight, scorching through countries such as Scandinavia and China alike. Within the next decade, Quah anticipates that the overall use of cash will “drastically reduce” but that due to regional differences and fragmentation it will vary from country to country. “My vision for the future of the global payments market is for it to be so efficient at integrating into a society that it becomes the de facto enabler of industry digitalisation on a global scale,” Quah concludes. “To be able to do this, payment solutions have to closely meet is not just regional but a global one. “ The payments market is one which

the needs of the people that they serve and have to integrate seamlessly and

is in constant flux, with competing

securely with applications that bring

fintechs and banks vying for a greater

the true convenience to consumers.

slice of the pie. Competition is rife, but

The potential for the payments industry

if we want to see a cashless society

is much bigger than just replacing

and more customer-centric payment

cash. It is an enabler of industry

options “we need more global first

transformation, which we are going to

solution providers and we need local

see a lot more of in the coming years.”

first solutions providers to partner locally, regionally and globally,” Quah says. “Interoperability should be a w w ga bi t ma ga z in e. com


Profile for Gigabit

Gigabit Magazine – May 2019  

Gigabit Magazine – May 2019