After Wirecard, what's next?

The Wirecard case poses challenges for businesses, especially smaller ones, as they transition to alternative payment service providers amid the pandemic.
The Wirecard case poses challenges for businesses, especially smaller ones, as they transition to alternative payment service providers amid the pandemic.PHOTO: REUTERS

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.

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A version of this article appeared in the print edition of The Straits Times on October 02, 2020, with the headline 'After Wirecard, what's next?'. Print Edition | Subscribe