Discover® Global Network Study: 91% of Asia-Pacific Businesses Prioritize Fraud Prevention Services, Appeal for Virtual Card Numbers Grows
Discover® Global Network's 2024 Payment State of the Union study reveals key insights into the commercial payments landscape in Asia-Pacific (APAC). The study found that 91% of APAC businesses prioritize fraud prevention services, while the appeal for Virtual Card Numbers (VCNs) is growing.
Key findings include:
- 61% of APAC businesses are actively investing or open to investing in commercial payment solutions
- 92% prioritize business travel expense management
- 53% don't currently offer or use VCNs, but 29% plan to invest or are in the discovery phase
- Top challenges include lack of visibility across expense types (35%) and difficulties tracking/managing expenses (34%)
The study highlights the ongoing digital transformation of commercial payments in APAC, with businesses focusing on expense management, security, and fraud prevention features.
Lo studio 2024 sullo Stato del Pagamento di Discover® Global Network rivela importanti intuizioni sul paesaggio dei pagamenti commerciali nella regione Asia-Pacifico (APAC). La ricerca ha rivelato che il 91% delle aziende APAC dà priorità ai servizi di prevenzione delle frodi, mentre l'interesse per i Numeri di Carta Virtuale (VCN) è in crescita.
I risultati chiave includono:
- Il 61% delle aziende APAC sta attivamente investendo o è aperto a investire in soluzioni di pagamento commerciale
- Il 92% dà priorità alla gestione delle spese di viaggio aziendale
- Il 53% non offre né utilizza attualmente i VCN, ma il 29% pianifica di investire o è in fase di scoperta
- Le principali sfide includono la mancanza di visibilità tra i diversi tipi di spese (35%) e le difficoltà nel monitorare/gestire le spese (34%)
Lo studio mette in evidenza la continua trasformazione digitale dei pagamenti commerciali nell'APAC, con le aziende concentrate sulla gestione delle spese, sulla sicurezza e sulle caratteristiche di prevenzione delle frodi.
El estudio sobre el Estado de los Pagos 2024 de Discover® Global Network revela información clave sobre el paisaje de pagos comerciales en la región de Asia-Pacífico (APAC). La investigación encontró que el 91% de las empresas de APAC priorizan los servicios de prevención de fraudes, mientras que el interés por los Números de Tarjeta Virtual (VCN) está en aumento.
Los hallazgos clave incluyen:
- El 61% de las empresas de APAC están invirtiendo activamente o están abiertas a invertir en soluciones de pago comercial
- El 92% prioriza la gestión de gastos de viajes de negocios
- El 53% no ofrece ni usa actualmente VCN, pero el 29% planea invertir o está en fase de descubrimiento
- Los principales desafíos incluyen la falta de visibilidad en los tipos de gastos (35%) y las dificultades para rastrear/gestionar los gastos (34%)
El estudio destaca la transformación digital continua de los pagos comerciales en APAC, con las empresas enfocándose en la gestión de gastos, la seguridad y las características de prevención de fraudes.
Discover® Global Network의 2024년 결제 상태 보고서는 아시아-태평양 지역(APAC)의 상업 결제 환경에 대한 주요 통찰력을 제공합니다. 연구에 따르면 APAC 기업의 91%가 사기 예방 서비스를 우선시하며, 가상 카드 번호(VCN)에 대한 관심이 높아지고 있습니다.
주요 발견 내용에는 다음과 같습니다:
- APAC 기업의 61%가 상업 결제 솔루션에 적극적으로 투자하거나 투자에 열려 있습니다
- 92%가 비즈니스 출장 경비 관리에 우선순위를 두고 있습니다
- 53%는 현재 VCN을 제공하거나 사용하지 않지만, 29%는 투자 계획이 있거나 탐색 단계에 있습니다
- 주요 도전 과제에는 비용 유형 간 가시성 부족(35%)과 비용 추적/관리에 어려움(34%)이 포함됩니다
이번 연구는 APAC의 상업 결제의 지속적인 디지털 전환을 강조하며, 기업들이 경비 관리, 보안 및 사기 예방 기능에 집중하고 있음을 보여줍니다.
Une étude de Discover® Global Network sur l'état des paiements en 2024 révèle des informations clés concernant le paysage des paiements commerciaux en Asie-Pacifique (APAC). L'étude a révélé que 91% des entreprises APAC privilégient les services de prévention des fraudes, tandis que l'attrait pour les Numéros de Carte Virtuelle (VCN) est en hausse.
Les résultats clés incluent :
- 61% des entreprises APAC investissent activement ou sont ouvertes à l'investissement dans des solutions de paiement commercial
- 92% privilégient la gestion des frais de voyage d'affaires
- 53% ne proposent ni n'utilisent actuellement de VCN, mais 29% prévoient d'investir ou sont en phase de découverte
- Les principaux défis incluent le manque de visibilité sur les types de dépenses (35%) et les difficultés à suivre/ gérer les dépenses (34%)
L'étude met en avant la transformation numérique continue des paiements commerciaux en APAC, avec des entreprises qui se concentrent sur la gestion des dépenses, la sécurité et les fonctions de prévention des fraudes.
Die Studie von Discover® Global Network zum Zahlungsstatus 2024 liefert wichtige Einblicke in die welt der Geschäftszahlungen im asiatisch-pazifischen Raum (APAC). Die Studie hat ergeben, dass 91% der Unternehmen in APAC Dienstleistungen zur Betrugsprävention priorisieren, während das Interesse an virtuellen Kartennummern (VCNs) wächst.
Die wichtigsten Ergebnisse umfassen:
- 61% der Unternehmen in APAC investieren aktiv oder sind bereit, in kommerzielle Zahlungslösungen zu investieren
- 92% priorisieren das Management von Geschäftsreisekosten
- 53% bieten derzeit keine VCNs an oder nutzen diese, aber 29% planen, zu investieren oder befinden sich in der Entdeckungsphase
- Die größten Herausforderungen sind mangelnde Transparenz bei den Ausgabenarten (35%) und Schwierigkeiten bei der Nachverfolgung/Verwaltung von Ausgaben (34%)
Die Studie hebt die fortschreitende digitale Transformation der Geschäftszahlungen in APAC hervor, wobei Unternehmen den Fokus auf Kostenmanagement, Sicherheit und Funktionen zur Betrugsprävention legen.
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As the need for digital commercial payments continues to increase, APAC businesses must find ways to mitigate fraud for employees and their business expenses
Traditional Payment Methods Remain Prevalent, APAC Businesses are Increasingly Looking to Digitize Their Commercial Payments.
-
Credit cards (
61% ), ACH/EFT/Wire/Direct debit (54% ) and cash (47% ) are the most used payment methods for business expenses. -
(
61% ) of APAC businesses are actively investing or open to investing in commercial payment solutions. -
Over the next 12 months, businesses envision increasing the use of digital payment methods for employee business travel (
50% ), employee compensation (46% ) and payments to suppliers (45% )
“While commercial payments are increasingly adopting digital solutions, the transition is not progressing at the same pace as seen in consumer payments due to the complexities of expense management,” said Chris Winter, head of international markets (APAC) at Discover Global Network. “As technology continues to advance across the industry and region, it is important that businesses seek to improve the security of their commercial payments programs to defend against fraudulent activity of all kinds.”
As Payment Approaches are Modernized, APAC Businesses are Prioritizing Expense Management, Strong Security and Fraud Features
-
Expense management tools (
47% ), providing a greater variety of payment options to business providers (39% ), and streamlining account receivable processes (39% ) are the most important commercial payment initiatives to APAC businesses. -
Within commercial payments solutions, the most important features are business travel expense management (
92% ), strong security features (91% ), and fraud prevention services (90% ).
Digital Transformation of Commercial Payments is Ongoing, but Challenges Remain
-
Lack of visibility across expense types (
35% ), difficulties tracking/managing expenses (34% ), and waiting on outstanding receivables to make payments (33% ) are APAC businesses greatest pain points when making payments and managing expenses. -
Travel expenses not aligning with in-trip costs (
38% ), timely reimbursement for employees (38% ), and the inability to track, manage, and forecast employee travel (34% ) are the most challenging when it comes to managing employee travel expenses. -
Integrating data from a variety of sources (
47% ), too much time spent on data cleaning/formatting (47% ) and integrating relevant business systems (44% ) are the most challenging when managing commercial payments data.
Expense management and business travel are some of the top priorities for APAC businesses; however, these areas present significant challenges.
Virtual Card Numbers (VCN) are Poised for Substantial Growth
-
53% of APAC businesses don’t currently offer or use VCN and66% of APAC businesses don’t use VCN to pay for business expenses. -
VCNs have one of the highest rates of future implementation as (
29% ) of APAC businesses plan to invest in VCN or are currently in the discovery phase of implementation. -
Businesses that have implemented VCN have benefitted from improved transaction security and reduced risk (
65% ), greater business efficiencies (64% ), and improved expense reconciliation (59% ) the most.
“Virtual card numbers provide businesses with opportunities to enhance their payment capabilities and better serve their business needs and employees. It’s great to see so many businesses looking to adopt VCN solutions,” said Winter. “Whether businesses are exploring VCN for increased security or to improve their expense reconciliation capabilities, Discover Global Network can help businesses of all sizes benefit from our solution.”
Global Fintech Fest
Chris Winter of Discover and 451 Research’s Sophia Furber will host an in-depth mainstage discussion about the dynamic world of commercial payments and findings from the Payments State of the Union.
- When: Wednesday, August 28 10:50 AM Local Time
-
Where: Jasmine1, Jio World Convention Centre,
Mumbai India - What: Commercial Payments Progressing Towards a Digital Future: With the rapid evolution of technology, opportunity rises for the commercial payments sector. From enhancing security solutions to improving user experience, the possibilities are endless.
“This year’s survey found interesting trends in the APAC region with businesses underscoring the importance of partnering with financial institutions that prioritize fraud prevention as much as they prioritize innovation. Businesses are aware of the risks if they don’t focus on security,” said Sophia Furber, Research Analyst at 451 Research, part of S&P Global Market Intelligence. “A key consideration for businesses now, and in the future, is partnering with financial institution that is identifying future forward trends while staying committed to security.”
For a deeper dive into these findings, visit (or download) the full study.
Survey Methodology
A global survey of 2,706 director-level or higher respondents across small to medium-sized enterprises and corporations was commissioned by Discover Global Network and conducted by 451 Research, part of S&P Global Market Intelligence, an independent research firm, in Q1 2024. Markets surveyed include
About Discover
Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in
View source version on businesswire.com: https://www.businesswire.com/news/home/20240825227113/en/
Katie Gaynor
+1-513-478-0851
katiegaynor@discover.com
@Discover_News
Source: Discover Financial Services
FAQ
What percentage of APAC businesses prioritize fraud prevention services according to the Discover Global Network study?
How many APAC businesses are investing or open to investing in commercial payment solutions?
What are the most used payment methods for business expenses in APAC?
What percentage of APAC businesses plan to invest in Virtual Card Numbers (VCNs)?
What are the top challenges APAC businesses face in managing commercial payments?
