SINGAPORE and LONDON, May 5, 2020 /PRNewswire/ -- Rapyd, a global Fintech as a Service company, announced today the publication of the 2020 State of Disbursements: APAC Outlook Report. The research analyzed existing and preferred methods for getting paid across several transaction scenarios such as Person-to-Person ("P2P", e.g. remittances or loans), Business-to-Consumer ("B2C", e.g. salaries, wages, commissions, and rebates), Business-to-Business ("B2B", e.g. cross-border invoice payments), and Government-to-Consumer ("G2C", e.g. government support or subsidies). The 2020 State of Disbursements report provides gig-economy platforms, ecommerce marketplaces, and businesses with the actionable intelligence they can use across Asian markets to deliver more effective mass-payouts to their beneficiaries.
In this inaugural study, Rapyd surveyed 3,500 online consumers from seven different countries and regions in the Asia Pacific region, including India, Indonesia, Japan, Malaysia, Singapore, Taiwan, and Thailand. Survey respondents were identified as household decision-makers aged 18-64 across a full spectrum of income levels and asked questions around banking and payment preferences, behaviors, and concerns.
Key findings of the study include:
The report comes at a uniquely important time as the COVID-19 pandemic has created a massive global economic disruption. By analyzing consumer preferences Rapyd gives businesses reliable information at a time when the demand for alternative employment, delivery apps, and digital marketplace models are growing, while rising unemployment levels could send millions of new workers into the gig economy.
"While data about how consumers prefer to make payments is widely available, businesses struggle to make payouts to gig-workers, online sellers, and B2B partners using the methods that these beneficiaries prefer and often require. Through this report, we are able to provide actionable information to global organizations as they make critical business decisions impacting both the short and long term health of their companies," said Brendan Miller, Head of Global Product Marketing at Rapyd.
The report found that there is no one-size-fits-all approach to global payouts. Every country is unique in its preferences and digital leaders must be prepared to localize their payout experiences to drive beneficiary loyalty and engagement.
Access the full report on Rapyd's resource page by clicking here.
Rapyd does for fintech what the cloud did for IT. They built the world's largest local payments network to power frictionless global commerce. Innovative ecommerce companies, technology firms, and marketplaces use their Fintech as a Service platforms: Collect, Disburse, Wallet, and Issuing to seamlessly integrate payment capabilities into their applications. The Rapyd Global Payments Network covers 900+ locally preferred payment methods, including bank transfers, eWallets and cash in more than 100 countries. Now businesses can open new markets, create new fintech applications, and reach four billion consumers worldwide without thinking about infrastructure or regulations. Investors include Stripe, General Catalyst, Oak FT, Tiger Global, Durable Capital, Target Global, and TaL Capital. For more information, visit www.rapyd.net