Analysis of the biennial Payment Innovations Report 2015 from June 17 has described an increasingly successful FinTech sector in Asian and African countries that they say is likely to take the lead in digital payment startups and new businesses, while they criticize NFC payments as a “solution still looking for a problem.”
Looking to the East
Looking at the future of payment innovation, the report seeks to identify the greatest opportunities in the sector, as well as dispel “overhyped” concepts. The strongest theme underlying the report is of the shift in FinTech innovations from the West to Asia and Africa.
The report said that payment innovation is both affecting and being driven by developing countries, and that Europe and the West have a lot to learn in order to achieve the successes seen in these smaller economies. It reads:
“Of payments innovations from the developed world, virtual card payments are the most likely to find widespread success in emerging economies. It is about time that developed countries accept that they can learn from developing markets. Asia and Africa are in the lead in the payments innovation stakes and Europe is at the bottom of the heap.”
The numbers back up