Contactless payment and Metaverse – key trends in fintech in Central Asia

Contactless payment and Metaverse – key trends in fintech in Central Asia

The PLAS Forum “Fintech without Borders” was held in Almaty on October 26-27. Digital Eurasia”, the general sponsor of which was Visa, the world leader in the digital payments industry. Kristina Dorosh, Vice President, spoke about the main trends of fintech in Central Asia.

One of the key trends is contactless payment, namely Visa Tap to Phone technology, which allows you to turn an Android smartphone with NFC into a POS terminal for receiving contactless payments. By the way, Kazakhstan is a world leader in the development and penetration of this technology.

The Buy now, pay later (BNPL) trend (services that provide consumers with the opportunity to receive installments for any purchases), as noted by Kristina Dorosh, is not new, but it has firmly entered the financial life of users around the world. Consumers appreciate the simplicity and clarity of the process, sellers appreciate the high conversion rate. In sales using BNPL, the conversion rate is about 27 percent, and the average increase in BNPL sales at retail outlets is about 40 percent.

Real-time payments are also a trend, because these technologies enable employees to receive wages in real time, immediately.

Another important trend is mobile payment systems and mobile banking with security and convenience for transfers, payments and savings. Following this trend, Visa with partner banks launched money transfers by phone number in Kazakhstan for cardholders of different banks, which allows you to quickly and safely send the amount to the right person without specifying any additional data other than the phone number.

In addition to the current trends, there are areas where competition will develop:

  1. Embedded Finance 
  2. Metaverse
  3. Cryptocurrencies

“These are the trends that we see, in which we live and which fintech companies are working on,” concluded the Visa Regional Manager.

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