The pandemic forced APAC population to go digital to survive amidst restrictions. The region became the global leader in terms of cashless transactions, banking on the growth of digital payments. A report by Research and Markets, ‘Asia-Pacific Online Payment Methods 2021 Post COVID-19’ published in August 2020 forecast a 16% annual growth rate from 2020 to 2025.
Banks, the major financial lenders from the region, seeing the opportunity are investing in the technology by leaps and bound. And they must because now they have to put up with NeoBanks and other hoard of Fintech companies who are coming up and evolving fast.