'We continue to invest heavily in India GPS biz'

How is the payments landscape evolving in APAC and what role is Bank of America playing?

- Winnie Chen, head of global payment solutions for Asia-Pacific (APAC) at Bank of America, in an interview with Subrata Panda and Ajinkya Kawale in Mumbai, discusses payment trends in APAC and India, and the bank's approach to cross-border payments, among others. Edited excerpts:

■ When it comes to innovation and adoption, the payments landscape in Asia Pacific is more advanced than in any other region, including the US. We have witnessed significant strides in cross-border real-time payments connectivity, such as the linkage between Singapore’s PayNow and India’s Unified Payments Interface (UPI), as well as the connection with PromptPay in Thailand. While 24x7 real-time payments are increasingly important, they may not yet be a universal requirement across all the segments we serve. Currently, we operate across 12 markets in Asia Pacific. In many of these key markets, we are already active participants in real-time payment infrastructures, further demonstrating our commitment to delivering seamless and efficient solutions across the region.

What kind of investments is Bank of America making in APAC, especially in India, in the payments space?

■ Globally, Bank of America invests around $13 billion on technology every year. Of that, around $4 billion is specifically dedicated to innovation efforts. However, Asia, particularly India, plays a critical role in our global operations. We have a significant presence in India, and the investments we make in our payments platform here are substantial.

How are you looking to grow the global payment solutions (GPS) business in India?