Our key takeaways from Money 2020 Asia

May 14, 2019

Money2020 is one of the biggest, most influential fintech events across the globe, gathering the world’s decision makers to discuss the disruptive technologies taking hold of the market today and in the future. Last month some of our senior execs attended the Money 2020 Asia conference, to connect and deliberate the critical developments that will shape the future of payments and help enhance eNett’s desire to be known as the trusted payments experts of the travel industry.

Here are some key takeaways that caught our interest the most:

  • The platform model – Big players in Asia such as Ant Financial and Tencent are disrupting the B2B and B2C markets through the introduction of ‘Super Apps’, which provide consumers and businesses alike with access to a broad range of financial products and services all in one place. This introduction stands to revolutionise customer experience and brand-loyalty, since in-house artificial intelligence (AI) will not only create a personalised service but increase the number of products and services available to consumers. The concept of ‘one platform serves all’ relates well to eNett’s payments platform, whereby Virtual Account Numbers (VANs) allow travel agencies to achieve a seamless payment experience – eradicating the difficulties associated with cross-border payments and enabling them to more easily accept different payment methods from end-travellers.
  • Cybercrime is on the rise – With the acceleration of eCommerce, cross border payments, open platforms and APIs, the need for advanced cybersecurity capabilities is growing. Payments providers therefore need to start thinking more holistically about how they prevent cybercrime. This is particularly relevant to the travel industry. eNett’s ‘fraud in travel payments’ report published last year revealed that fraudulent attacks cost travel intermediaries around the world a mammoth USD21 billion, and is expected to rise to USD25 billion by 2020. Virtual cards offer a solution to reduce fraud as they incorporate card specific activation and expiry dates and include limitations on usage down to a single merchant category or even a single specific merchant. In addition, to help travel intermediaries potentially recover funds should fraud occur, they also offer sophisticated chargeback capabilities.
  • Payments triggering emotions – During a panel session with Booking.com, YapStone and Fortumo, we heard how companies are now faced with mounting pressure to deliver an exceptional payments experience to their customers, with an emotional connection to the ‘buy’ button being weightier than ever. Payment processes therefore need to be seamless and easy to follow for a customer. Otherwise, companies face the risk of cart abandonment – a growing paint-point for eCommerce platforms across different industries. This is also an issue being tackled by players in the travel industry, and something we believe eNett VANs are revolutionising by ensuring payment transactions are completed seamlessly in the back-end.

It was great to attend Money2020 Asia and hear insights from top business leaders that align with eNett’s own products and values – and particularly encouraging for both the future of eNett and VANs.

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