Consumers will drive the next wave of payments technology

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• Computer Technology
• Consumers will drive the next wave of payments technology

Les vénements de l'année des nière ont non seulement accéléré le passage à la ligne, car les mesures de distancing sociale et les blocages ont limité l'accès aux magasins physiques, mais cela a également créé an appétit accru pour l'adoption de nouvelles méthodes payment. About the Author Roy Aston is Paysafe's chief information officer. Around the world, people shop and pay differently. An international study we commissioned in March this year of 8.000 consumers found that 86% said their payment habits had changed in the last 12 months and 59% had tried a new payment method. It seems that the choice has never been so important. And the first signs are that our new habits will continue. Consumers are discovering more convenient ways to shop and pay, and like other areas of their lives that have been changed by the pandemic, they will adopt new behaviors in the long run if they make their lives easier.

The challenge ahead

Payment service providers have played an important role in helping merchants quickly respond and switch to online methods of operation to meet the immediate needs of consumers over the last 12 months, but there is more to be done. The technology is at an advanced stage, but as always, adoption will define the impact of this technology. Much of it is not being used or is not yet being used in the right way. Take 3DS2 (3D Secure 2). While its ability to improve the security of online payments and reduce fraud is evident, merchant concerns about increased cash drops are affecting the speed of migration. In fact, it has great potential to be used to optimize the user's payment experience and improve the mobile payment process. The biggest challenge for payment providers over the next 12 months is helping merchants move from the first step of setting up online payments as part of building their eCommerce presence to cases, using machine learning and artificial intelligence. around customer and credit management. The main areas to review this year include:

• Data and analytics Use technology to understand the interaction of online consumer behavior and make your trips smoother and more personalized.
• Risk management Better understanding of risks and use of technology in more sophisticated ways to prevent fraud
• Interconnectivity The shift to APIs and payment-as-a-service models will be a game changer for small merchants in particular, allowing them to have near-instant access to a wide range of payment products and processing options.

Keeping the promise of 5G

Not surprisingly, 5G is proving to be more of an evolution than a revolution. But when it comes to using new technologies to support changes in consumer habits, there is no doubt that 5G will be key to achieving this. For example, being able to use data in real time, at the exact point of purchase or consumption, to make payment interactions more attractive through incentives. The improved connectivity and speed offered by 5G will also remove barriers for businesses and help them reach new customers, as well as allow people to set up businesses in more remote areas. More importantly and fundamentally, it will give people access to services they were previously unable to access. The payments ecosystem will play a central role in accelerating inclusion and driving mobile transactions around the world with the right payment solutions. It will be truly transformative in emerging markets. As always, fraud is not far from the agenda for both businesses and consumers. As people, as we have seen, embrace new ways of shopping and paying, they are still concerned that online retailers need to understand and act if they are to ensure consumer confidence and maximize profitability. Growth opportunity represented by acceleration towards the digital. As consumers continue to move online, they are also now more aware and concerned about fraud. And it is also in this area that we will see positive changes, as 5G allows merchants to integrate advanced security and speed into transactions.

Trust above all

Maintaining consumer confidence is ultimately the priority as we move towards more advanced use of technology. Moving data more seamlessly from one end to the other is one thing, but managing it well at all stages of its journey, while providing full transparency to the consumer, is another. There is a huge opportunity to connect consumer data and information from payment providers, fintech, retailers, merchants and banks. By doing this and combining these digital identities, new levels of personalization are possible. But to maintain consumer trust, recommendations and incentives based on this information must be appropriate, delivered at the right time, and valid. This is when the consumer experience really improves. Combine that with a custom, frictionless case and it becomes a significant competitive advantage, which has never been more important in these unprecedented times.