Digital Channels Dominate The Research Process Respondents learned about checking accounts via computer and mobile website (42% each), a person at an office or branch (26%), mobile app on a smartphone (20%), over the phone (9%), tablet (8%), and mail (2%).

Contamination fears during the early stages of the COVID-19 pandemic finally drove many US consumers to adopt contactless payments. But this shift spurred debate over whether this new behavior would also drive US consumers to adopt mobile payments en masse or whether they’d stick with their cards for tapping.

Payment security. Payment processing has been a long-standing domain for HSMs. This includes using encryption to protect everything from PINs to EMV transactions to tokenizing payment data. Token service providers like Visa and Mastercard use HSMs to support tokenization and authentication processes, including generation of dynamic tokens for mobile payments.

The Payment Process For A Mobile Point Of Service This figure outlines the payment process for a mobile point of service. Figure 3 How SoftPOS Payments Work The softPOS process is similar to an mPOS payment process, but mPOS requires a secure payment acceptance hardware component attached to or embedded within the hardware device; this is often connected via Bluetooth.

Make payments effortless — and add value around them. BBVA, Intesa Sanpaolo, and PKO Bank Polski support instant, recurring, and QR-based payments through clear, intuitive flows with real-time confirmations. PKO Bank Polski and Santander go a step further by integrating value-added services like buy now pay later, transport payments, and cashback — turning payments into a broader service platform.

Nan Shan embedded agility into core insurance operations by decomposing legacy systems into microservices classified as architecture building blocks and solution building blocks that power seven shared platforms, including mobile payments, identity verification, and centralized content. Using agile minimum viable services or products, architects apply domain-driven design and process mining tools like ProM and ARIS to identify inefficiencies and simulate optimized workflows.

Throughout the region, digital retail payments — including digital wallets, mobile banking apps, and contactless mobile payments but excluding physical card payments and bank transfers — have steadily expanded; third-party (nonbank) digital wallets and payment apps have gained traction. In APAC, digital retail payments are widely used for online transactions; offline transactions present opportunities for further expansion.

However, its momentum is building with exciting use cases emerging such as smart grid, port AGVs, mobile payments, ticketing, video production, remote machinery operations, and first responder communications. China Unicom, Hrvatski Telekom, Singtel, and T-Mobile have made these cases a reality. Provider type.

Figure 6 Privacy Concerns Influence Consumers’ Opinions On Emerging Tech Like GenAI People’s protection of their personal data and concerns about sharing data correlate with their comfort embracing newer technologies, ranging from mobile payments to virtual reality. These differences are stark when looking at generative AI (genAI) in particular. Optimism about genAI varies significantly by segment (see Figure 7).

Diverse payment technologies flourish. The APAC market is never short of innovative payment technologies. A decade ago, QR code payments blossomed in China, leading a wave of mobile payment tech innovations in APAC and beyond. More recently, AI and blockchain technologies have injected new vitality into the payment market. Some forward-looking vendors are investing in quantum-safe security to protect payments in the coming quantum era.