Most Impactful Payments Industry Innovation
The award is given to an innovation that can demonstrate a clear impact on the payments industry in the Asia Pacific region. This does not necessarily translate into a product/service/solution/technology launched in multiple markets.
It can be a ground-breaking solution for part of the payments value chain that is showing a high impact on one or more of the key payment industry objectives, such as achieving faster, safer, transparent, and inclusive payments services across the Asia Pacific.
This category is open to businesses, technological platforms, and solutions that have created and delivered an impactful payments service, process, or product within the payments value chain.
Describe and provide proof/reasoning as to how the initiative has significantly impacted the Payments industry.
The initiative should fulfil the APAC Payments Excellence Award definition of innovative.
The impact of the initiative on the industry can be quantified under one or several of the following benefit categories: Cost Reduction, Revenue Increase, Customer Growth, Market Expansion, Differentiation, Profit optimisation, Risk Reduction, and Customer Experience Improvement, and Quality Increase.
- The initiative must have been operationalised in one or several Asia Pacific markets.
To make a submission please provide the following information:
Nominee or nominator
- Entry name
- Name of nominating organisation
- Name(s) of nominated organisation(s)
- The nature of the business relationship between you as the nominator and the nominee company’s solution description
Your entry is done digitally via APAC Payments Excellence Awards Website, by submitting a written description of your value proposition/solution/initiative using selected category criteria.
Each criteria in your submission will be evaluated and scored by judges in your Category Judge Panel. Each criteria have a 300-word limit. Provide as much information as you can and quote the source of that information to describe the solution, success measures and what was achieved. Note that no attachments are allowed, and website links will not be seen as part of a submission.
Most Impactful Payments Industry Innovation Judge Criteria
Describe your Innovative initiative under each criteria section.
- Solution description
Describe the innovative initiative/solution, including the issue/problem statement, set goals and what has been developed. Is it part of a payments service, product, or process? Was the solution offered to a single provider in the market or to a wide range of companies? Include timelines.
What challenges did the existing solutions encounter? How did you identify the problem statement? How did you conceive the solution, approach towards building the solution, improved solution, or disruptive solution, use of emerging technologies, etc? Are there any inventive or innovative aspects that have been developed to bring the product or service to market? How has your initiative improved the delivery of the service or product?
- Viability and future potential
What is your competitive advantage? What distinguishes your solution from others in the market? Who is the direct and indirect competition? How is your business model better than others? How the solution offered stands out from its competition (e.g., through performance, innovation, and value to stakeholders). What is the growth potential (organic and cross-sector), potential to address financial exclusion, readiness to embrace new technologies, and potential to expand into new markets?
- Result and outcome
How has your initiative/solution impacted the Payments industry in one or multiple Asia Pacific markets? How has the use of your initiative/solution delivered better payment solutions, insights or results to customers, consumers, and stakeholders? What goals were achieved? Provide measurements and proof of result.
Evidence of success – metrics
Please provide as much information as you can and quote the source of that information. Such information might include the following, but this is not an exhaustive list and, in each case, the judges will be looking for evidence that supports your claims about the key benefits of the initiative/solution/process:
- Successful delivery of the solution over time: Evidence and statistics to showcase the successful delivery of the solution over time.
- Tailoring products and services: Evidence of the investment in tailoring products and services and the results achieved from that investment.
- User feedback: Feedback from users or other stakeholders regarding their experience with the services offered, including the number of unique participants using the payment solution as of January 2023.
- Growth and transformation: Growth in usage, both historical and extrapolated projections, and evidence of how the solution has transformed the user experience. Additionally, evidence of the innovative nature of the program.
Please note that data is treated confidentially and not disclosed outside the immediate Category Judging Panel and the APAC Payments Excellence Award team.
To be defined as innovative we are looking for the creation, development and implementation of a new product, process, or service, which has improved efficiency, effectiveness, access or competitive advantage. The entry is detailing something totally new or has a new approach to an existing challenge.