Digital Payments — Not Cash — Is Now King in Asia’s Payment Ecosystem

Source: Forkast

The COVID-19 pandemic has upended lives and livelihoods in 2020, but it is also accelerating Asia’s transition to digital financial services. Notwithstanding border restrictions, the region’s digital payments ecosystem is growing as countries collaborate to connect their domestic payment systems.

Singapore and Thailand are set to link their respective national payment systems — PayNow in Singapore and PromptPay in Thailand — by the middle of this year, according to Ravi Menon, managing director at Singapore’s central bank and financial regulator, the Monetary Authority of Singapore (MAS).