Asia paves the way for cardless ATM withdrawals

Banks in Asia now offer cardless ATM withdrawals, enabling consumers to access their money with only a mobile phone. This is seen as providing not only increased customer value but also brand differentiation. Jeffrey Bahar, Deputy Chief Executive Officer of Spire Research and Consulting, was invited to share his observations on Asia leading the way in cardless ATM withdrawals.

UOB was the first bank in Singapore to offer Mobile Cash – a method of retrieving money without the need for an ATM card. Now, consumers can go to the ATM and top up their pre-paid cards with mobile cash. Subsequently, they access the internet via their mobile device and use that money to perform transactions online.

In Malaysia, Maybank was the first bank to offer a similar feature. A PIN would be sent to the recipients’ phone as an SMS, and it would be used to withdraw funds at an ATM.

CIMB Niaga launched a service called “Rekening Ponsel” in Indonesia; allowing consumers to use banking services without a bank account. It was positioned as a convenient and attractive service to the vast unbanked market, as consumers merely needed to register their mobile number with the bank to obtain a PIN for secured transactions.

The development of such services has varied in different parts of the Asia-Pacific based on different levels of market maturity, technology and need. For instance, Australia and New Zealand are more advanced in technology offerings such as contactless payments, core banking platforms and wearable technology, as compared to countries like Malaysia. More mature markets like Singapore and Hong Kong hold a great deal of potential for payment innovations.

Bahar opined that service features played an integral role in branchless banking and non-cash mobile banking services. He observed that intense competition in Southeast Asia was driving banks to differentiate themselves, and cater to new and under-served customer segments. This also meant that these customers would sometimes be the guinea pigs for e-channel innovations.

https://www.spireresearch.com/newsroom/media/asia-paves-the-way-for-cardless-atm-withdrawals/

Comments

Asian consumers embrace local brands

With growing regional integration and rising incomes, more Asian consumers are choosing Asian brands against foreign brands. Xiaomi, an Asian brand, outsold Apple in China in 2014 for the first time. Brunei based brand – Brunei Halal – recently opened stores in Malaysia targeting its Muslim population. The Indian government’s knowledge website initiative – known as Vikaspedia and offering content in 22 different local languages – is gaining ground. Taobao, Air Asia, Alipay, Huawei, Siam Cement, San Miguel, Tiger Beer and Indofood are other Asian brands that are on the march. They all hail from countries other than Japan, Korea and Taiwan, the traditional sources of Asian brands. Will more Asian brands take the leap to become global brands as the top Japanese and Korean brands have become? https://www.spireresearch.com/newsroom/spirethoughts/asian-consumers-embrace-local-brands/

India ranks among the world’s top compact SUV markets!

India overtook Japan in 2017 as the third largest manufacturer of compact SUVs. Big players such as Renault, Mahindra & Mahindra, Ford Motor, Hyundai Motor, Maruti Suzuki and other SUV manufacturers sold 457,698 compact SUVs in 2017 – over four times the unit sales in 2015, at 107,634. While 2016 saw shrinking sales for this vehicle category in China and the USA, sales in India grew nearly 50% from 307,365 units in 2016. Will India overtake China as the world’s largest compact SUV market? For more information, click here.

Spire joins AmCham Corporate Community Day for seventh consecutive year

Spire Singapore collaborated with the Singapore Children’s Society for the fourth consecutive year, in support of AmCham Singapore’s Corporate Community Day (CCD) 2014. This is the seventh year in which Spire has been participating in the CCD program, which aims to promote corporate volunteerism. Spire Singapore took beneficiaries of the Singapore Children’s Society to a pizza making session. The children were thrilled by their new-found ability to make their own edible creations. They enjoyed the morning while at the same time picking up a useful and confidence-building skill, not to mention many fun facts about the history of pizza. We were honored by the visit of Deputy Chief of Mission at the US Embassy Blair Hall, who joined us with his wife Valerie. Valerie joined in the pizza making session. Blair and his team interacted with the beneficiaries as well as the staff and volunteers of Spire Singapore and the Singapore Children’s Society. The enthusiasm did not di...

Spire Client Entertainment Night April 2016

Spire Singapore hosted its first Client Entertainment Night of the year. Our business associates and partners joined us for a dinner reception followed by the movie screening of “Batman vs Superman: Dawn of Justice” – the epic showdown of superheroes. The event was held at Cathay Cineleisure Orchard. It was an opportunity for everyone to let their hair down and take a break from the office. With nearly two years gone since Superman’s battle with Zod – which left the city of Metropolis in ruins, leaving Batman helpless among many – Batman decides to avenge the threat to humanity while Lex Luthor conspires to launch his own vendetta against Superman. The highly anticipated action flick, the good food and even better company made for a great evening enjoyed by all. https://www.spireresearch.com/newsroom/events/spire-client-entertainment-night-april-2016/

Courier giants to benefit from Indonesia’s e-commerce boom

Indonesia boasts 90 million internet users with online retail sales of USD2.6 billion in 2014. The e-commerce boom has fed robust growth in express courier services. Recognizing this trend, the Indonesia Supply Chain & Logistics Summit 2015 gathered industry leaders and government officials to discuss key industry trends, opportunities and challenges. Jeffrey Bahar, Deputy Chief Executive Officer of the Spire Research and Consulting group, was invited as a guest speaker at the Supply Chain & Logistics Summit 2015. In his presentation, Bahar highlighted Indonesia’s booming e-commerce industry, focusing on the surge in the express courier services market. Bahar mentioned that outsourced/contract logistics services in Indonesia are worth approximately USD29 billion, with more than 2,500 players in 2015. The industry is supported by growth in Gross Domestic Product (GDP) and domestic consumption. At the same time, Indonesia’s e-commerce market continues to shine. A po...

The Knowledge to Decide

Search This Blog