Social Media and Payments in India and Southeast Asia
This report looks at the adoption levels of popular social networks in India and Southeast Asia, and how their fast growth could influence consumer banking preferences — whether for purchases, transactions, or information. Combining data from TSYS market research, it explores how payment technologies are likely to evolve and converge with social media, including through the offering of peer-to-peer payment technologies that can facilitate small-value and micropayment transactions. And finally, it highlights the four key challenges that lie ahead for FIs when it comes to navigating social media, along with three strategic considerations for evaluating social payment opportunities.
At TSYS, (NYSE: TSS), we believe payments should revolve around people — not the other way around. We call this belief "People-Centered PaymentsSM." By putting people at the center of every decision we make, with unmatched customer service and industry insight, TSYS is able to support financial institutions, businesses and governments in more than 80 countries. Offering merchant payment-acceptance solutions as well as services in credit, debit, prepaid, mobile, chip, healthcare and more, we make it possible for those in the global marketplace to conduct safe and secure electronic transactions with trust and convenience.
Amit Sethi is a 25-year veteran of the global payments industry. During his career, Mr. Sethi has been actively involved in the financial services, technology and outsourcing industries in the U.S. and India. He has held a series of executive positions with companies such as Bank of America, HSBC, Visa International, KPMG, Oracle Corporation and iGate. Mr. Sethi was Global Sales Head of Financial Services and Service Industries for Sutherland Global Services prior to joining TSYS, one of the world’s largest companies for licensed and outsourced payment services and where he is now Managing Director of India and Southeast Asia.
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