Tarek Elyafi

Many companies seek ways to maintain their payments and collections functions centrally when expanding overseas, whether regionally or globally wherever possible, to avoid fragmented processes and technology, says Standard Chartered's Tarek Elyafi.

In countries where the use of cards is less prevalent, other digital payment methods, particularly mobile wallets, are proliferating, changing the payments landscape rapidly and radically, says Standard Chartered's Tarek Elyafi.

While companies may already have technology in place that supports efficient payments and collections in their home region, treasurers and finance managers need to reflect the diverse and evolving payment and collection demands of customers and suppliers in each market, says Standard Chartered's Tarek Elyafi.

For real-time payments, there are national schemes to help drive adoption and enhance consumer convenience, according to Standard Chartered's Tarek Elyafi and Shantanu Vijaykumar Bhosale

While many consumers and large businesses are keen to adopt digital, real-time payments, there are still some groups of users that tend towards longer-established payment methods that are inconsistent with the digital economy, according to Standard Chartered's Tarek Elyafi and Shantanu Vijaykumar Bhosale.