Lastly, countries with a smaller middle class but younger population - like Bangladesh, Nepal, Pakistan, Indonesia and Philippines - will require larger investments in infrastructure and human capital.
About 90 per cent of all businesses in the Asia Pacific region are small and medium enterprises (SMEs); prime targets for aiding economic growth.
SMEs would benefit from moving their payments and receivables from cash and paper-based processing to online business payment solutions, and from adopting the use of prepaid cards for their employees' travel or business-related expenses to simply tracking and reconciliation.
A business card also offers the ability to buy and sell online and cross-border, as well as access to capital, speedier payment, and the ability to pay anywhere in the world. Aside from efficiency, the creation of an electronic paper trail allows the tracking of how, what and where money is spent.
While no two countries are identical, if Asia Pacific is going to both power the world's economy and drive its consumption, there is one thing we will need to do region-wide: and that is to embrace technology.
Global technology companies must innovate so that participants in the payment ecosystem are empowered and enabled. We've already started to see the power of technology across the region from both developed and less developed countries, where people are utilizing mobile technology to purchase what they need in a safe, secure, and convenient way. Our job will to be keep innovating to meet the growing demand of the world's consumers. And we look forward to that challenge.
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