The internet economy continues to become a lucrative target of bots, brands within Asia are ramping up their efforts by adopting technology like such to protect their costs and making use of reliable analytics to craft strategic decisions. New ad tech solutions will undoubtedly change the way retailers choose their publishing platforms and how they serve their ads in 2023.
Cutting-edge payment methods
The continuous growth of e-commerce has been accompanied by the increasing number of payment options offered on the market. Shifting from the Buy Now, Pay Later trend, cryptocurrency payments will continue to become widely adopted by retailers both in the online and offline space. “The new cryptocurrency wealth has increased the affluence of young, tech-savvy people, with brands looking to attract this new group of affluent consumers – and it’s no surprise, as 52% of investors in Asia have invested in cryptocurrencies,” says Dr Praveen Buddiga, co-founder of Terapay, a payment processing gateway that enables both fiat and cryptocurrency payments.
Traversing from shopping in the metaverse, cryptocurrency will also be widely used in physical retail settings. Today, more than 18,000 companies accept cryptocurrencies as payment for their products or services. Buddiga adds, “While traditional providers such as PayPalPYPL -1.5% or banks typically charge significant markups for cross-region transactions, the blockchain offers a very cheap and fast way to transfer value from anywhere in the world. Additionally, merchants can now offer crypto payments easier than ever before.”
Two-thirds of Southeast Asians are interested in paying for goods and services with cryptocurrency, thus retailers will need to optimize payment experiences for the new generation of shoppers. While Singapore retailers are at the forefront of this innovative payment landscape, Hong Kong is also an upcoming market as it aims to become the next leading digital asset capital in Asia. This is a trend that is likely to gain significance amidst the current recession and raging inflation rates worldwide as Buddiga further emphasizes, “In a world where not only cross-border but also cross-continent payments are part of many people’s daily lives, cryptocurrency payments will only grow in importance.”
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