target audience: TECH BUYER Publication date: Jun 2024 - Document type: IDC Perspective - Doc Document number: # AP50976524
Payments as a Service and Embedded Finance Trends in Asia: Creating New Value from New Models
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Abstract
This IDC report looks at prominent developments within the payments-as-a-service (PaaS) space in Asia/Pacific and how global developments may affect this rapidly growing space. The PaaS movement brings interesting opportunities for both financial services institutions (FSIs) and merchants to reduce their technical burden and streamline operations and further possible revenue-generating activities by innovating with new payments business models that can create whole new business lines.
"Both FSIs and merchants stand to benefit from the adoption of PaaS into their respective businesses. PaaS offers the ability to streamline and innovate with payments. However, before adopting PaaS, both FSIs and merchants need to be honest with their current technology situation and assess how their current needs might be better served in a PaaS setup. If they identify key areas that can be improved, they need to strategize as to how they can best leverage PaaS to fulfill their strategic aims in payments," says Michael Sek Pheng Yeo, associate research director, IDC Asia/Pacific.