08/25/2024 | Press release | Distributed by Public on 08/25/2024 20:34
As the need for digital commercial payments continues to increase, APAC businesses must find ways to mitigate fraud for employees and their business expenses
RIVERWOODS, Ill.--(BUSINESS WIRE)-- Discover ® Global Network, a leading global payment network, released the second portion of its 2024 Payment State of the Union, the most comprehensive study of its kind, with key insights in the commercial payments landscape. This portion of the research study, which is commissioned by Discover Global Network and conducted by 451 Research of S&P Global Market Intelligence, surveyed thousands of decision-makers at corporations and small and medium sized enterprises within APAC and globally to understand their commercial payment priorities, challenges, and future adoption plans. At Global Fintech Fest, Discover Global Network will share further insight into emerging trends from a regional and global perspective. The following results are key takeaways from respondents in the APAC market.
Traditional Payment Methods Remain Prevalent, APAC Businesses are Increasingly Looking to Digitize Their Commercial Payments.
"While commercial payments are increasingly adopting digital solutions, the transition is not progressing at the same pace as seen in consumer payments due to the complexities of expense management," said Chris Winter, head of international markets (APAC) at Discover Global Network. "As technology continues to advance across the industry and region, it is important that businesses seek to improve the security of their commercial payments programs to defend against fraudulent activity of all kinds."
As Payment Approaches are Modernized, APAC Businesses are Prioritizing Expense Management, Strong Security and Fraud Features
Digital Transformation of Commercial Payments is Ongoing, but Challenges Remain
Expense management and business travel are some of the top priorities for APAC businesses; however, these areas present significant challenges.
Virtual Card Numbers (VCN) are Poised for Substantial Growth
"Virtual card numbers provide businesses with opportunities to enhance their payment capabilities and better serve their business needs and employees. It's great to see so many businesses looking to adopt VCN solutions," said Winter. "Whether businesses are exploring VCN for increased security or to improve their expense reconciliation capabilities, Discover Global Network can help businesses of all sizes benefit from our solution."
Global Fintech Fest
Chris Winter of Discover and 451 Research's Sophia Furber will host an in-depth mainstage discussion about the dynamic world of commercial payments and findings from the Payments State of the Union.
"This year's survey found interesting trends in the APAC region with businesses underscoring the importance of partnering with financial institutions that prioritize fraud prevention as much as they prioritize innovation. Businesses are aware of the risks if they don't focus on security," said Sophia Furber, Research Analyst at 451 Research, part of S&P Global Market Intelligence. "A key consideration for businesses now, and in the future, is partnering with financial institution that is identifying future forward trends while staying committed to security."
For a deeper dive into these findings, visit (or download) the full study .
Survey Methodology
A global survey of 2,706 director-level or higher respondents across small to medium-sized enterprises and corporations was commissioned by Discover Global Network and conducted by 451 Research, part of S&P Global Market Intelligence, an independent research firm, in Q1 2024. Markets surveyed include Australia, Brazil, Ecuador, India, Japan, South Africa, Spain, UK and the US.
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover® card, America's cash rewards pioneer, and offers personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover® Global Network comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation's leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world. For more information, visit www.discover.com/company .
Katie Gaynor
+1-513-478-0851
[email protected]
@Discover_News