Super-app growth reduces fraud risks in Southeast Asia
Southeast Asia's payment platforms lead globally.
Southeast Asia has become the world leader in super-app platforms, with digital wallets rapidly evolving to offer a seamless user experience, according to Ed Metzger, Vice President, Payments Efficiency at LexisNexis Risk Solutions.
Speaking at Sibos 2024 in Beijing, Metzger noted that super-apps have not only enhanced customer experiences but also reduced fraud risks. "The risk of fraud is less, and those kinds of drivers then have created this ecosystem," he added, underscoring Southeast Asia’s leadership in the digital payments space.
At Sibos, discussions also centred on overcoming challenges such as ensuring frictionless payment methods using backend data. Metzger pointed out, "The most frustrating kind of payment is the payment that never gets there because it fails." He also highlighted the importance of reducing payment costs and combating the rise of authorised push payment fraud, which has become a significant issue globally.
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