Latest news with #SandeepMalhotra
Coin Geek
27-06-2025
- Business
- Coin Geek
Gen Alpha leading the push for digital payments: report
Getting your Trinity Audio player ready... A new report has identified a new trend of Generation Alpha leading the push for digital payments, with the cohort leading adoption metrics over other demographics. The study, carried out by Mastercard (NASDAQ: MA), reveals that one in two Gen Alpha have a digital wallet, while nearly 50% of respondents have access to an investment account. Gen Alpha are individuals born after 2010, characterized by tech-savviness, given their access to smartphones and tablets from childhood. The Mastercard study honed in on the Asia-Pacific region, highlighting key payment trends in the emerging demographic. Mastercard based the report on the submission of 9,131 Gen Alpha respondents and their parents. The study revealed that despite the high prevalence of digital wallets, 48% of Gen Alphas still rely on credit cards. A staggering 47% of respondents say their kids (Gen Alphas) introduced them to new digital financial tools. The report highlights key differences between Gen Alphas and Millennials in terms of digital finances. Among Gen Alphas, there is a preference for innovative financial tools leveraging artificial intelligence (AI) and blockchain technology. Gen Alphas are more likely to adopt tokenized assets and gamified finance over other demographics, showing a preference for voice interface and decentralized finance (DeFi). Sandeep Malhotra, Mastercard VP for core payments in APAC, disclosed that cash adoption in the cohort is the lowest across the spectrum while digitization is at its highest ebb. 'They're low-key money bosses, tapping phones before they can tie their shoes and turning budgeting apps into their playground,' said Malhotra. 'Cash? Not their go-to. Today it's all Tap & Go.' Gen Alphas indicate a preference for superapps, financial applications that go beyond payments, offering in-app social and shopping functionalities. Indonesia and China are leading the push for super apps in the region, with local data indicating a surge in Gen Alpha users. APAC is setting the global pace for digitization Regarding emerging technology adoption, the Asia Pacific region is moving ahead of its peers. Digital wallet adoption has increased throughout Asia while cash usage has reached new lows, outperforming the metrics of North America and Europe. In terms of AI, the APAC workplaces are the biggest adopters of AI-powered workflows, integrating them into their internal operations. APAC is miles ahead of the global average of 62.3% for digital workplace maturity, but job loss concerns and steep implementation costs continue to hinder progress. Benin Republic to national digital ID system with mobile wallet functionalities In other news, authorities in the Benin Republic have flashed the signal to roll out a national digital ID system for the country, merging emerging technologies into the offerings to improve existing solutions. According to a report, the West African country will integrate digital wallet functionalities into its digital ID system in a massive innovative leap. Aristide Guy Adjinacou, Director General of the National Agency for the Identification of Persons (ANIP), revealed the plans during the ID4Africa conference. Adjinacou disclosed to conference attendees that Benin has all the components needed to proceed with a national digital ID system. However, the last piece of the puzzle of the West African country is a mobile digital wallet for citizens to store credentials and personal data. The DG hinted that the offering would rely on blockchain, but it remains unclear if the digital wallet would offer payment functionalities. In terms of timeline, Adjinacou disclosed that the agency is eyeing a rollout by the end of 2026, prioritizing the digital ID system for citizens. Adjinacou disclosed that the integration into the national digital ID system will promote inclusivity while ensuring the security and privacy of personal data. Adjinacou stated in his keynote address that the country's digital transformation stems from a forward-thinking approach of the ruling government. The push toward digitization has the backing of local legislation, with the DG pointing to the 2017 Identification Law. Per Adjinacou, swift enforcement has seen 10 million individuals registered across Benin in the last six months, providing a deep database for the push towards a national digital ID system. 'Our register is connected to more than 80 public and private institutions, including banks and telecom operators,' said Adjinacou. ' This success is no accident, it is the result of deliberate strategy and strong foundations.' Integrating AI into local ID services Amid the push, Adjinacou disclosed a series of forward-thinking statements pointing to integrating artificial intelligence into the digital ID system. AI integration will be limited to information gathering to enable authorities to make data-driven decisions, particularly in reaching individuals in remote locations. 'Reaching the remaining two percent of the population is one of the most difficult tasks,' said Adjinacou. 'These last-mile communities each have unique characteristics and needs, and we must tailor our approach accordingly.' Across Africa, digital ID initiatives are gathering steam, with Nigeria and Zambia unfurling their national offerings. Ethiopia, Namibia, and São Tomé and Príncipe are the latest to signal an incoming national digital ID initiative. Watch: Importance of digitalization for enterprises title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
The Print
16-06-2025
- Business
- The Print
Mastercard onboards customers up to four times faster with Cloud Edge
Singapore, June 16: Mastercard today announced that Asia Pacific banks and fintechs can onboard to its network up to four times faster and streamline the launch of payment tools via Mastercard Cloud Edge, its cloud-based connectivity solution, offered in collaboration with cloud providers, including Amazon Web Services (AWS), an Inc. company. * Backed by leading cloud providers like AWS, Cloud Edge gives customers greater flexibility and choice Fintechs worldwide are expected to grow approximately three times faster than the overall banking industry through 2028, powered largely by emerging markets growth in Asia Pacific[1]. This growth is further accelerated by cloud computing and will account for over $1 trillion in value across the world's top 500 companies. In Asia Pacific, cloud computing is integral for fintech growth and is set to drive the market to a projected value of nearly $311 billion by 2029[2]. 'With Cloud Edge, Mastercard brings pioneering innovations in cloud and payments to Asia Pacific banks, financial institutions, and cloud-native organizations – meeting forward-thinking customers where they want to be,' said Sandeep Malhotra, executive vice president, Core Payments, Asia Pacific, Mastercard. 'Cloud Edge reinforces Mastercard's commitment to resiliency, redundancy and security while offering customers cost efficiency as well as greater choice, speed and flexibility. For instance, with cloud computing, fintechs can serve customers easily during demand spikes like national holidays or sales events without needing more physical infrastructure.' As an additional onboarding option, Mastercard Cloud Edge provides customers, including issuers, acquirers, network enablement partners and payment processors, with: * Seamless, private connectivity to Mastercard powered by the speed and scale of the cloud across Asia Pacific so customers are not tied to a single IT infrastructure or on-premises solutions. * Cloud Edge accelerates time to market and ensures regulatory compliance with local data storage and processing requirements so customers can develop fintech solutions more quickly. * Lower capital expenditure and maintenance costs by avoiding physical data center overheads. * Direct access to modern payment technology such as Transaction APIs built on ISO 20022-standardized payloads. For example, Episode Six, a global provider of enterprise-grade ledger and cards infrastructure, is using Cloud Edge to assist banks, fintechs and payments organizations in Asia Pacific as they design and launch leading digital payment propositions like credit and B2B payments. 'All of Episode Six's bank-grade technology was created specifically for the cloud, and as such, we understand how important infrastructure is for partners to scale with greater security now and in the future,' said John Mitchell, Co-Founder and CEO, Episode Six. 'We are excited to collaborate with Mastercard on Cloud Edge so that we can reduce time to market for their clients, while ensuring security, backup and protection by encrypting and storing data in the cloud.' 'The AWS Regions across Asia Pacific offer Mastercard extensive connectivity and secure cloud services. Together with Mastercard's global footprint, this provides organizations in the region with payment network access at low latency, ensuring seamless operations as well as compliance with regional data residency regulations,' said Scott Mullins, Managing Director, Financial Services, AWS. Mastercard Cloud Edge is available in Asia Pacific markets (including India, Australia, Singapore, Hong Kong SAR, Thailand), the United States, Canada and parts of Europe, Latin America, the Caribbean, Middle East and Africa. About Mastercard (NYSE: MA), Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential. [1] McKinsey: [2] Mordor Intelligence: (ADVERTORIAL DISCLAIMER: The above press release has been provided by PRNewswire. ANI will not be responsible in any way for the content of the same) This story is auto-generated from a syndicated feed. ThePrint holds no responsibility for its content.
Finextra
16-06-2025
- Business
- Finextra
Mastercard merges payments with the cloud in Apac
Mastercard today announced that Asia Pacific banks and fintechs can onboard to its network up to four times faster and streamline the launch of payment tools via Mastercard Cloud Edge, its cloud-based connectivity solution, offered in collaboration with cloud providers, including Amazon Web Services (AWS), an Inc. company (NASDAQ: AMZN). 0 Fintechs worldwide are expected to grow approximately three times faster than the overall banking industry through 2028, powered largely by emerging markets growth in Asia Pacific[1]. This growth is further accelerated by cloud computing and will account for over $1 trillion in value across the world's top 500 companies. In Asia Pacific, cloud computing is integral for fintech growth and is set to drive the market to a projected value of nearly $311 billion by 2029[2]. 'With Cloud Edge, Mastercard brings pioneering innovations in cloud and payments to Asia Pacific banks, financial institutions, and cloud-native organizations - meeting forward-thinking customers where they want to be,' said Sandeep Malhotra, executive vice president, Core Payments, Asia Pacific, Mastercard. 'Cloud Edge reinforces Mastercard's commitment to resiliency, redundancy and security while offering customers cost efficiency as well as greater choice, speed and flexibility. For instance, with cloud computing, fintechs can serve customers easily during demand spikes like national holidays or sales events without needing more physical infrastructure.' As an additional onboarding option, Mastercard Cloud Edge provides customers, including issuers, acquirers, network enablement partners and payment processors, with: Seamless, private connectivity to Mastercard powered by the speed and scale of the cloud across Asia Pacific so customers are not tied to a single IT infrastructure or on-premises solutions. Cloud Edge accelerates time to market and ensures regulatory compliance with local data storage and processing requirements so customers can develop fintech solutions more quickly. Lower capital expenditure and maintenance costs by avoiding physical data center overheads. Direct access to modern payment technology such as Transaction APIs built on ISO 20022-standardized payloads. For example, Episode Six, a global provider of enterprise-grade ledger and cards infrastructure, is using Cloud Edge to assist banks, fintechs and payments organizations in Asia Pacific as they design and launch leading digital payment propositions like credit and B2B payments. 'All of Episode Six's bank-grade technology was created specifically for the cloud, and as such, we understand how important infrastructure is for partners to scale with greater security now and in the future,' said John Mitchell, Co-Founder and CEO, Episode Six. 'We are excited to collaborate with Mastercard on Cloud Edge so that we can reduce time to market for their clients, while ensuring security, backup and protection by encrypting and storing data in the cloud.' 'The AWS Regions across Asia Pacific offer Mastercard extensive connectivity and secure cloud services. Together with Mastercard's global footprint, this provides organizations in the region with payment network access at low latency, ensuring seamless operations as well as compliance with regional data residency regulations,' said Scott Mullins, Managing Director, Financial Services, AWS. Mastercard Cloud Edge is available in Asia Pacific markets (including India, Australia, Singapore, Hong Kong SAR, Thailand), the United States, Canada and parts of Europe, Latin America, the Caribbean, Middle East and Africa.
Malaysian Reserve
16-06-2025
- Business
- Malaysian Reserve
Mastercard onboards customers up to four times faster with Cloud Edge
Backed by leading cloud providers like AWS, Cloud Edge gives customers greater flexibility and choice SINGAPORE, June 16, 2025 /PRNewswire/ — Mastercard today announced that Asia Pacific banks and fintechs can onboard to its network up to four times faster and streamline the launch of payment tools via Mastercard Cloud Edge, its cloud-based connectivity solution, offered in collaboration with cloud providers, including Amazon Web Services (AWS), an Inc. company. Fintechs worldwide are expected to grow approximately three times faster than the overall banking industry through 2028, powered largely by emerging markets growth in Asia Pacific[1]. This growth is further accelerated by cloud computing and will account for over $1 trillion in value across the world's top 500 companies. In Asia Pacific, cloud computing is integral for fintech growth and is set to drive the market to a projected value of nearly $311 billion by 2029[2]. 'With Cloud Edge, Mastercard brings pioneering innovations in cloud and payments to Asia Pacific banks, financial institutions, and cloud-native organizations – meeting forward-thinking customers where they want to be,' said Sandeep Malhotra, executive vice president, Core Payments, Asia Pacific, Mastercard. 'Cloud Edge reinforces Mastercard's commitment to resiliency, redundancy and security while offering customers cost efficiency as well as greater choice, speed and flexibility. For instance, with cloud computing, fintechs can serve customers easily during demand spikes like national holidays or sales events without needing more physical infrastructure.' As an additional onboarding option, Mastercard Cloud Edge provides customers, including issuers, acquirers, network enablement partners and payment processors, with: Seamless, private connectivity to Mastercard powered by the speed and scale of the cloud across Asia Pacific so customers are not tied to a single IT infrastructure or on-premises solutions. Cloud Edge accelerates time to market and ensures regulatory compliance with local data storage and processing requirements so customers can develop fintech solutions more quickly. Lower capital expenditure and maintenance costs by avoiding physical data center overheads. Direct access to modern payment technology such as Transaction APIs built on ISO 20022-standardized payloads. Cloud Edge accelerates time to market and ensures regulatory compliance with local data storage and processing requirements so customers can develop fintech solutions more quickly. For example, Episode Six, a global provider of enterprise-grade ledger and cards infrastructure, is using Cloud Edge to assist banks, fintechs and payments organizations in Asia Pacific as they design and launch leading digital payment propositions like credit and B2B payments. 'All of Episode Six's bank-grade technology was created specifically for the cloud, and as such, we understand how important infrastructure is for partners to scale with greater security now and in the future,' said John Mitchell, Co-Founder and CEO, Episode Six. 'We are excited to collaborate with Mastercard on Cloud Edge so that we can reduce time to market for their clients, while ensuring security, backup and protection by encrypting and storing data in the cloud.' 'The AWS Regions across Asia Pacific offer Mastercard extensive connectivity and secure cloud services. Together with Mastercard's global footprint, this provides organizations in the region with payment network access at low latency, ensuring seamless operations as well as compliance with regional data residency regulations,' said Scott Mullins, Managing Director, Financial Services, AWS. Mastercard Cloud Edge is available in Asia Pacific markets (including India, Australia, Singapore, Hong Kong SAR, Thailand), the United States, Canada and parts of Europe, Latin America, the Caribbean, Middle East and Africa. About Mastercard (NYSE: MA), Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential. [1] McKinsey: [2] Mordor Intelligence:
Korea Herald
16-06-2025
- Business
- Korea Herald
Mastercard onboards customers up to four times faster with Cloud Edge
Backed by leading cloud providers like AWS, Cloud Edge gives customers greater flexibility and choice SINGAPORE, June 16, 2025 /PRNewswire/ -- Mastercard today announced that Asia Pacific banks and fintechs can onboard to its network up to four times faster and streamline the launch of payment tools via Mastercard Cloud Edge, its cloud-based connectivity solution, offered in collaboration with cloud providers, including Amazon Web Services (AWS), an Inc. company. Fintechs worldwide are expected to grow approximately three times faster than the overall banking industry through 2028, powered largely by emerging markets growth in Asia Pacific [1]. This growth is further accelerated by cloud computing and will account for over $1 trillion in value across the world's top 500 companies. In Asia Pacific, cloud computing is integral for fintech growth and is set to drive the market to a projected value of nearly $311 billion by 2029 [2]. "With Cloud Edge, Mastercard brings pioneering innovations in cloud and payments to Asia Pacific banks, financial institutions, and cloud-native organizations – meeting forward-thinking customers where they want to be," said Sandeep Malhotra, executive vice president, Core Payments, Asia Pacific, Mastercard. "Cloud Edge reinforces Mastercard's commitment to resiliency, redundancy and security while offering customers cost efficiency as well as greater choice, speed and flexibility. For instance, with cloud computing, fintechs can serve customers easily during demand spikes like national holidays or sales events without needing more physical infrastructure." As an additional onboarding option, Mastercard Cloud Edge provides customers, including issuers, acquirers, network enablement partners and payment processors, with: For example, Episode Six, a global provider of enterprise-grade ledger and cards infrastructure, is using Cloud Edge to assist banks, fintechs and payments organizations in Asia Pacific as they design and launch leading digital payment propositions like credit and B2B payments. "All of Episode Six's bank-grade technology was created specifically for the cloud, and as such, we understand how important infrastructure is for partners to scale with greater security now and in the future," said John Mitchell, Co-Founder and CEO, Episode Six. "We are excited to collaborate with Mastercard on Cloud Edge so that we can reduce time to market for their clients, while ensuring security, backup and protection by encrypting and storing data in the cloud." "The AWS Regions across Asia Pacific offer Mastercard extensive connectivity and secure cloud services. Together with Mastercard's global footprint, this provides organizations in the region with payment network access at low latency, ensuring seamless operations as well as compliance with regional data residency regulations," said Scott Mullins, Managing Director, Financial Services, AWS. Mastercard Cloud Edge is available in Asia Pacific markets (including India, Australia, Singapore, Hong Kong SAR, Thailand), the United States, Canada and parts of Europe, Latin America, the Caribbean, Middle East and Africa. Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
