Latest news with #Adyen
Business Times
a day ago
- Business
- Business Times
How AI is transforming Singapore consumers' shopping habits
[SINGAPORE] Nearly half (49 per cent) of consumers in Singapore have used artificial intelligence (AI) assistants such as ChatGPT to shop, with more than two-thirds saying there is too much information on social media, thus reinforcing AI's role as a filter. These are just some of the findings from payment-solution provider Adyen's Retail Report 2025, which surveyed more than 41,000 consumers and 14,000 merchants across 28 markets between February and March this year, including 1,000 consumers and 500 retailers from Singapore. The study points to a greater role for AI in the buying journey, with 67 per cent of local consumers saying it helps generate inspiration for outfits or meals faster than anyone else. And, for 66 per cent of them, it helps cut through online noise and aids discovery of unique brands or experiences. That said, one in three consumers are also wary of the fraud risks that come with AI. 'The introduction of AI in shopping has created new shopper journeys that are more exciting than ever. From it, we see an emergence of new consumer behaviours – one characterised by personalisation and convenience,' said Warren Hayashi, president of Asia-Pacific at Adyen. 'Retailers generate vast amounts of payments data through their daily operations, presenting a substantial untapped opportunity. Where AI comes into play is to drive conversions at scale.' A NEWSLETTER FOR YOU Friday, 2 pm Lifestyle Our picks of the latest dining, travel and leisure options to treat yourself. Sign Up Sign Up Indeed, the study found that 35 per cent of local businesses plan to ramp up AI investments in the next 12 months to boost sales and marketing efforts, and an equal number are looking towards AI to strengthen security and fraud prevention. Meanwhile, given Singapore's high smartphone penetration rate, 60 per cent of consumers expect to be able to shop seamlessly across multiple platforms, including social media, websites and apps. A majority (59 per cent) want retailers to allow online purchases with in-store returns and 61 per cent say they will be more loyal if they can buy items that are out-of-stock in-store, but available to be delivered to their home. For all the benefits of online shopping, physical stores remain popular and outperform e-commerce overall, with 27 per cent preferring to shop in-store and 19 per cent preferring to shop online. Just over half (54 per cent) value both channels equally. Among those that prefer in-store shopping, 56 per cent do so because they like to touch and feel products. Some 45 per cent also want retailers to make the experience more interesting, such as via virtual or augmented reality, in-store cafes and special events and activities. The report showed that despite the value that physical stores hold for consumers, retailers may be underestimating their stores' potential. Only 29 per cent plan to expand their number of outlets in 2025 and 42 per cent intend to invest in technology to make the in-store shopping experience more engaging. Businesses should also pay heed to payment methods. Friction at checkout is a dealbreaker, with 56 per cent of consumers saying they will ditch their purchases if their preferred payment method is not available; and 60 per cent doing the same if the payment process is too slow. Surprisingly, Baby Boomers (65 per cent) are most likely to abandon a slow checkout – despite the hyper-connectivity demanded by younger consumers today.
Business Times
2 days ago
- Entertainment
- Business Times
How to ace Father's Day
Father's Day is just one week away. If you're thinking of gifting him socks again, please don't. How about taking him on a nostalgia walk through an old neighbourhood? Or surprising him with a birthday cake featuring his face superimposed on Iron Man? Maybe even a shirt from a great new brand that fits him perfectly, or a massage gun his back will truly thank you for? In this week's BT Lifestyle, get a head start on planning the perfect day for that special man, with dozens of gift ideas, gestures, and – for procrastinators – genius last-minute saves to make it look like you've been planning for this all year long. In Travel, we head to Sapporo and Seoul as the MGallery collection of boutique hotels kicks off World Cocktail Months, which runs till end-August. We also check out the set of exclusive glassware that MGallery is launching in collaboration with French lifestyle brand, Maison Sarah Lavoine. In Shopping, payment-solution provider Adyen recently released a retail report highlighting a rising momentum among consumers using AI to help them shop. We dive into its findings. In Arts, a new exhibition at National Gallery Singapore showcases the best of ink art, not just by artists from East Asia, but all over the world. And in Dining, sample some casual French bistro fare amid lush greenery at La Terrace, a new addition to Claudine brasserie in Dempsey. For all this and more, don't miss this week's BT Lifestyle.
Finextra
3 days ago
- Business
- Finextra
Adyen joins FTA
The Financial Technology Association (FTA) today announced that global financial technology platform Adyen joined the association as its newest member. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. This addition strengthens FTA's roster of fintech market leaders and underscores Adyen's commitment to advancing policy that supports a sound financial ecosystem, encourages innovation, and facilitates the ease of global commerce. 'We are excited to welcome Adyen to our community of fintech industry leaders,' said Penny Lee, President and CEO of the Financial Technology Association. 'As a global leader in modern payments infrastructure, Adyen brings deep expertise in powering seamless, secure, and scalable financial experiences, enhancing FTA's community of innovative payments companies.' By building and managing its entire platform, Adyen is a pioneer in creating global commerce experiences that are optimized, secure, and more cost-effective for enterprises around the world. The company's data-driven approach to fraud prevention, powered by AI trained on trillions of dollars worth of global payments data, sets new standards for payment security while maintaining seamless customer experiences. "Joining FTA's ecosystem of fintech leaders represents a natural extension of our mission to help businesses grow with superior technology and support," said Heidi Kalsen, Head of Regulatory, North America, at Adyen. "We look forward to collaborating with fellow FTA members to advocate for policies and regulations that foster innovation, address evolving market needs, and modernize banking infrastructure.' Adyen's addition to FTA bolsters the association's commitment to promoting policies that embrace digital technology and enhance financial innovation. FTA represents industry leaders putting the financial tools for success in the hands of more Americans and is focused on creating a future of finance that is accessible, affordable, and secure. Read FTA's policy agenda for the Future of Finance to learn more.
Coin Geek
3 days ago
- Business
- Coin Geek
Apple expands 'Tap to Pay' functionality in Europe
Getting your Trinity Audio player ready... As the race for point-of-sale solutions heats up, Apple (NASDAQ: AAPL) is keen on seizing market share by extending its 'Tap to pay' capability to new European countries. According to a company statement, Apple's contactless payment functionality will be available in eight more European nations. Per the report, merchants in Belgium, Croatia, Denmark, Cyprus, Iceland, Greece, Malta, and Luxembourg will have access to the feature. The Tap to Pay feature will allow merchants to receive customer payments by tapping cards or digital wallets on the merchants' iPhones. Apple says the contactless payment feature will lean on near-field communication (NFC) technology without additional hardware. 'No additional hardware is needed, so merchants can accept payments from wherever they do business,' read the statement. Apple is collaborating with payment service providers and app developers to extend the reach of the Tap to Pay functionality. Fintech firms in the new regions can integrate the Tap to Pay feature in the iOS versions of their apps, improving the ability of merchants to receive payments. Several payment platforms across the eight new EU countries have supported the Tap to Pay feature. Global payment processing company Adyen will support the Tap to Pay feature in all countries except Greece, with European neobank Viva making an expansive presence in the list. Other worthy mentions include Revolut, Stripe, and Worldline, with Apple confirming that PayPal (NASDAQ: PYPL) and NBG Pay will offer support. Furthermore, the statement notes that contactless cards from leading payment networks like Mastercard (NASDAQ: MA) and Visa (NASDAQ: V) will be compatible with the Tap to Pay feature. However, Apple does not mention stablecoins or digital asset payments for the Tap to Pay feature. Apple has been throwing its weight behind NFC payments, famously extending its proprietary feature to third parties in the EU. Tap to Pay functionality race heats up Apple faces stiff competition from other technology giants in the race for contactless payments. Samsung (NASDAQ: SSNLF) has unveiled its Tap to Pay capabilities for digital wallets, supporting Samsung devices and cards that are not assigned to digital wallets. Google Wallet (NASDAQ: GOOGL) has joined the race with a contactless payment offering for kids, extending the scope to wearable tech like smartwatches. Rising contactless payments are tipped to contribute toward the anticipated $3 trillion in U.S. digital payment volume in 2025. Digital wallet adoption in Australia surges to a new all-time high Elsewhere, while Australia's local payment system is one of the most advanced in the world, new data indicates that digital wallet adoption is on the rise. GlobalData reported that digital wallet usage in Australia has surged to a new peak, growing by 32.2% over the last year. Per GlobalData's Payment Instrument Analytics, the total transaction volumes from digital wallets in Australia rose from AUD 126 billion (US$83.2 billion) to AUD 166 billion (US$110 billion). The spike in digital wallet adoption in Australia is not a flash in the pan but a combination of several key factors. GlobalData lead banking analyst Shivani Gupta revealed that the main factor is changing consumer behavior, with mobile-based payments reaching a peak. Furthermore, digital wallet service providers have been increasing their market share in Australia since 2020. Currently, Google, Apple, and Samsung are jostling for market share, luring consumers and merchants with advanced functionalities. For example, Gupta cites Google Wallet's dual network debit card feature, which is designed to support payments via local and international networks. Others are turning to contactless payment functionalities, with Apple and Samsung gaining traction with their Tap to Pay features. Digital wallets are onboarding millions of Australians with the additional functionality of QR codes and stablecoin functionalities, streamlining payments for consumers and merchants in the country. 'Like many markets in Asia Pacific, digital wallet adoption is on the rise in Australia, supported by rising consumer preference for mobile payments, and [the] proliferation of digital wallet brands such as Google Pay, Apple Pay, and Samsung Pay,' said Gupta. These factors have sent digital wallet metrics in Australia through the roof. According to the Reserve Bank of Australia (RBA), nearly 40% of all card transactions in the country are processed through digital wallets. Per the report, the trend is tipped to continue well beyond 2030 at a compound annual growth rate (CAGR) of 13.7%. The forecast predicts digital wallet transaction volumes to reach AUD 336.1 billion (US$221 billion) by 2030. Rising adoption rates across the Asia Pacific The Asia Pacific is the fastest-growing region for digital wallet adoption globally, led by China and India. However, Hong Kong and Singapore are contributing to the soaring metrics with a report tipping digital wallets to surpass credit card use in Hong Kong. Across the region, cash usage has fallen, fuelled by meteoric digital wallet adoption levels. While the private sector is leading the charge, governments are leveraging digital wallets in the region to disburse funds to citizens, pushing the functionality beyond payments. Watch: New age of payment solutions 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="">
Techday NZ
4 days ago
- Business
- Techday NZ
APAC Retailers Embrace AI Amid Shifting Consumer Preferences
New research from Adyen reveals significant shifts in consumer habits in Asia-Pacific as artificial intelligence becomes increasingly integrated into retail transactions and decision-making processes. The 2025 Annual Retail Report by Adyen examined the behaviour of 41,000 consumers across 28 international markets, including key locations such as Singapore, Australia, Hong Kong, India, Japan, and Malaysia. According to the findings, over a third (38%) of APAC consumers now use AI to assist with shopping. This represents a 39% increase compared to the previous year, with more than one in ten (11%) utilising AI for shopping for the first time during the past 12 months. The report finds AI is perceived positively by users. Nearly two-thirds (63%) indicated that AI helps inspire their purchase decisions, whether for clothing or meals, at a faster rate than other sources. In addition, 62% expressed a desire to use AI to discover unique brands and new shopping experiences, creating opportunities for brands to drive sales through partnerships and cross-selling. Adyen's research also noted that 59% of APAC consumers are open to the idea of making purchases using AI in the future. The adoption of AI is evident across generations. While Generation Z leads in usage—particularly in Malaysia (74%) and Hong Kong (64%)—older groups are showing increased engagement. In Singapore, Generation X and Millennials registered the sharpest rises in AI-powered shopping over the past 12 months at 45% and 28% respectively. The report also found that 30% of those aged 60 and above are currently using AI to support their shopping decisions. Warren Hayashi, President, Asia Pacific, Adyen, said: "The introduction of AI in shopping has created new shopper journeys that are more exciting than ever. From it, we see an emergence of new consumer behaviors — one characterized by personalization and convenience. For retailers, embracing AI isn't just about staying current; it's about meeting evolving consumer expectations and staying competitive in a fast-changing retail landscape." AI is also being viewed as a tool to drive business growth. When asked about strategies for boosting revenues in 2025, more than a third (34%) of APAC retailers identified increased investment in AI to support sales and marketing, product innovation, as well as security and fraud prevention. Hayashi further commented: "Retailers generate vast amounts of payments data through their daily operations, presenting a substantial untapped opportunity. Where AI comes into play is to drive conversions at scale. Building on this potential, we recently launched an AI-powered payment optimisation solution called Adyen Uplift. By training AI on all of the transactions Adyen processes, we help retailers identify genuine shoppers at scale, and fly them through checkout securely and with minimal friction." Concerns over fraud remain pronounced. The report noted that one in three consumers across the region have experienced fraud involving account takeover, identity theft or social engineering. For businesses, the resulting losses from such incidents averaged over SGD $3 million during the last 12 months. The growing prevalence of AI in commerce has heightened consumer unease; 26% of APAC consumers reported increased concern regarding fraud and scams, and one in five avoid enabling their devices to remember payment details because of these fears. Hayashi addressed these issues, explaining: "Besides optimizing revenue, AI could aid in the fraud-fighting efforts of retailers. By training AI on the thousands of transaction data retailers process each day, it can spot anomalies, identify patterns, and predict fraud attempts – ultimately ensuring consumer trust and protecting retailers' hard-earned revenue." Currently, 40% of regional retailers use AI to assist in fraud prevention. Despite a push for digital solutions, APAC consumers continue to value physical stores. The report cites that while 36% of consumers in the region shop via social media, and 46% expect the ability to purchase across various digital touchpoints, physical presence is still important. Forty-two percent prefer both physical and online channels equally, with a further 35% favouring traditional brick-and-mortar outlets. The opportunity to see and feel products (48%), try them on (41%), and take items home immediately after purchase (35%) are the top reasons cited for this ongoing preference. The report also highlights that less than half (46%) of APAC retailers currently offer streamlined omnichannel experiences, though an additional 19% are planning such investments over the coming year. Social responsibility is another theme. A growing segment of APAC consumers now favours retailers with a strong social purpose and charitable initiatives. Correspondingly, 30% of businesses in the region are investing in social impact causes. The research, conducted by Censuswide, involved both consumers and merchants, applying standards set by the Market Research Society and ESOMAR. The data was collected in early 2025, reflecting the most recent trends in technology-led transformation within the retail sector.
