Transformation in payments: a technology powered future

Technological advancement has revolutionised the payments industry over the past couple of decades. Of all the innovations driving this transformation, blockchain technology is at the forefront, pushing the boundaries of payments as never before.

Transformation in payments

Technology is driving the transformation of financial services

The ability to move funds has been a core offering of the Financial Institutions business model. Payment services’ capabilities have advanced with the technology of the day – with each generation of payments technology improving on the limitations of the previous one.

Digital Payments Key Insights

1. Blockchain has catalysed a payments revolution:
 
  • Has built-in privacy protection
  • Enhances transparency due to its immutable, distributed nature
  • Operates on a decentralised network
  • Enables the use of smart contracts
  • Provides greater speed at a lower cost in financial transactions
2. Blockchain’s emerging use cases in financial services:
 
  • Near-instant cross-border payments, clearing and settlement, 24/7
  • Tokenised digital assets and cryptocurrencies 
  • Stablecoins and Central Bank Digital Currencies (CBDCs)
  • GameFi and the Metaverse 

To read the full report, download the PDF

Our In-House Experts

Lim Soon Chong, Group Head of Global Transaction Services, DBS
Sriram Muthukrishnan, Group Head of Product Management, Global Transaction Services, DBS
Rachel Chew, Group COO, Global Transaction Services, DBS

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