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Cash still king for Asia-Pacific, says HSBC
Published on: Wednesday, September 05, 2018

Kuala Lumpur: Asia-Pacific has a long way to go in becoming a cashless region, though it has been leading the way in innovation and adoption of new channels to pay for goods and services digitally.

HSBC Malaysia (HSBC) said cash was still the predominant method of paying for goods in most Asia-Pacific countries, with 55 per cent of personal spending by cash and cheque.

In a statement on Monday, Head of Retail Banking and Wealth Management Tara Latini said the deployment of cashless technology in Asia still faced the challenge of working across multiple countries and adhering to local regulations.

"While the growth in digital wallets in Asia has been phenomenal, only a handful are able to provide users with services in more than one Asian country, let alone on an international basis," she said.

However, she noted that being in the most dynamic region in the world for digital payments can also be a source of opportunity. – Bernama

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