Ensuring a strategic initiative for implementing a seamless and enjoyable customer journey has always been a prime point for retailers and payment providers specifically with the emergence of technological innovations and digital infrastructures. While various digital payments complex arises as a shopping channel, selecting the type of product for purchase and consumer preferences evolve rapidly. In addition, customer engagements are an immensely valuable source of data on preferences, interests, and purchasing behavior.
Additionally, the global payments industry demonstrated its future-forward adaptability and sustained revenue growth in e-commerce and electronic transactions and greater innovation. A significant switch to digital payments proves that it has a strong emotional connection in terms of the shopping experience, e-wallet and digital banking transactions, and the power of the payment experience in enhancing the customer journey as a pillar of its value proposition.
Southeast Asian governments and regulatory agencies are promoting the digitalization of financial transactions. Accordingly, the Bangko Sentral ng Pilipinas (BSP) recently announced that the country is on track to achieve its goal of 50% digital payments in PH in 2023. Which means that half of all retail transactions, whether at the mall, small sari-sari stores, or wherever they may occur, may be performed without any cash exchange by the end of the year as part of the agency’s Digital Payments Transformation Roadmap initiative. This is to achieve both financial inclusion and payment digitalization, pushing our society as a whole further into the modern age.1
While some of its unique payment experience and offerings have driven consumers to change their behavior and accelerate their payment systems integration, business owners, senior management, and top executives can make the fundamental changes required for a successful transformation and exponential growth of digital payments.
This coming July 19, the PRA has joined forces with Security Bank to organize the 7th PRA Retail Executive Circle Breakfast Roundtable. During this exclusive roundtable event, global thought leaders Rajesh Hegde, Director of Cards & Payments Advisory Lead, Financial Services of Capgemini, and John Cary Ong, Executive Vice President and Transaction Banking Group/Channel Network Group Head of Security Bank Corporation will cover the in-depth discussion on key dimensions that shape the digital payments experience, evolving payment themes, global data research and its impact on the retail industry. Raphael Layosa, Founder and Chief Executive Officer of Retailgate Technologies will be hosting the event.
Security Bank Corporation is one of the Philippines’ leading universal banks serving retail, commercial, corporate, and institutional clients. Over the years, the Bank prudently managed to remain one of the most stable in the banking industry and is steadfast in its commitment to serving its clients and stakeholders.2
The Retail Executive Circle is an exclusive invitation-only roundtable and premium learning event. This exclusive event started last June 2018 and it gathers top-level retail executives to give leading retailers in the country an unparalleled view of winning strategies, retail transformations, and new ways to connect with consumers through talks and presentations from global industry experts in this pandemic period. A special thanks to Security Bank, the exclusive Content Partner and Host Sponsor.
Stay updated on the latest PRA events. For partnership and sponsorship inquiries, visit www.philretailers.com or email at specialprojects@philretailers.com / info@philretailers.com.
References:
- CASHLESS: 50% 2023 PH Transactions May Be Digital Payments, https://unbox.ph/news/cashless-50-2023-ph-transactions-may-be-digital-payments/
- https://www.linkedin.com/company/security-bank-corporation/
