APAC retailers demand seamless, secure payment solutions

As APAC e-commerce grows, retailers seek frictionless and secure payment systems.

The rapid growth of e-commerce across Asia-Pacific is driving retailers’ demand for seamless, secure payment systems to meet evolving consumer expectations. Manoj Dugar, Co-Head of GPS ASP at HSBC, highlighted key challenges faced by retailers as they adapt to digital shifts and regional payment innovations.

“Digitization is reshaping society and e-commerce in general, and more so in Asia,” Dugar said, attributing growth to factors like smartphone penetration and young demographics. He noted that APAC e-commerce is set to capture nearly 60% of the global retail e-commerce market by 2025, marking a leap from 50% in 2020.

Consumers increasingly expect a “frictionless, easy-to-use, seamless payment experience,” Dugar explained, especially as real-time and QR code payments become widespread across the region. He emphasised that security is equally crucial, given rising concerns about fraud and cyber threats. “Security and trust become an important enabler for the e-commerce journey to be a lot more seamless and frictionless,” he added.

Dugar discussed HSBC’s Digital Merchant Solutions (DMS) which was recently launched in Hong Kong to streamline cross-border payments. The DMS enables merchants to receive funds through various channels, including wallets, bank transfers, and QR codes.

“We are able to integrate many of those multiple channels and provide a seamless experience to our merchants,” Dugar said, with plans to expand the DMS to Singapore by 2025 to meet growing demand.