A Report by CYS Global Remit FinTech Development Unit
The future of payments is digital and personal. At the Singapore Fintech Festival 2024, industry leaders are unveiling innovative solutions that center around your unique identity in every transaction.
What's Evolving?
Say farewell to OTPs. Mastercard's Payment Passkey allows you to authenticate payments with your biometrics—something uniquely yours. Adopted by DBS and UOB, this technology is reshaping payments in Southeast Asia.
Visa is also embracing the biometric wave with their Payment Passkey, using facial and fingerprint recognition for everyday transactions. Plus, an expanded QR system ensures your digital wallet can travel anywhere you do.
NETS simplifies transactions with SGQR+, an all-in-one QR code system. With coverage at 24,000 locations and growing to 35,000, it makes multi-scheme payments effortless.
Why It Matters
This shift isn't just about convenience; it’s about creating a payment ecosystem that is fast and secure. Supported by global standards from EMVCo, the World Wide Web Consortium, and the FIDO Alliance, these innovations redefine payment security.
The Future Is Here
Southeast Asia is experiencing a financial revolution where your identity is the key to seamless, secure transactions. With biometric authentication and unified QR systems at the forefront, the region is entering an era where payments are not just faster—they're smarter.
Experience the future of finance, powered by your unique identity.
Source: fintechnews.sg
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