Wirecard's departure leaves a big void in the payments space, and could hit small businesses and their customers most.
Assistant Professor Aurobindo Ghosh of Singapore Management University's Lee Kong Chian School of Business said the episode will propel more firms to use universally accepted payment systems like PayNow, SGQR and merchant acquisition services provided by the local banks. "This might also open up opportunities for new players to come into the market to fill up the void," he added.
Already a subscriber? Log in
Read the full story and more at $9.90/month
Get exclusive reports and insights with more than 500 subscriber-only articles every month
ST One Digital
$9.90/month
No contract
ST app access on 1 mobile device
Unlock these benefits
All subscriber-only content on ST app and straitstimes.com
Easy access any time via ST app on 1 mobile device
E-paper with 2-week archive so you won't miss out on content that matters to you