How users will drive the next wave of payments technology

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• How users 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 CIO of Paysafe. Around the world, people buy and pay differently. An international investigation that we commissioned in the third month of the year of the current year to eight thousand users found that eighty-six% stated that their payment habits had changed in the last twelve months and fifty-nine% had tried a new payment procedure. pay. It seems that choice has never been so important. And the first signs are that our new habits will continue. Users are discovering more convenient ways to purchase and pay, and like other areas of their lives that have been disrupted by the pandemic, they will adopt new behaviors in the long run if they make their lives easier.

The challenge ahead

Over the past twelve months, payment service providers have played an essential role in helping merchants respond quickly and adopt online business methods to meet users' immediate needs, but there is still a long way to go. To go. The technology is at an advanced stage, but as always, adoption will define the impact of this technology. A large part of it is not being used or is not yet being used properly. Take 3DS2 (3D Secure two). While its ability to improve the security of online payments and reduce fraud is evident, concerns from merchants about increased cash drops are affecting the speed of migration. Indeed, it has enormous potential to be used to optimize the user's checkout experience and enhance the mobile checkout process. The biggest challenge for payment vendors over the next twelve months is helping merchants move from the first step of setting up online payments as part of building their commerce presence to commerce cases. The use of machine learning and artificial intelligence around the user and credit management. The main areas to check this year include:

• Data and analysis. Use technology to understand the behavior of online users and make your trips easier and more adapted.
• Hazard management. A better understanding of the danger and the use of technology in more complex 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 an extensive range of payment products and processing options.

Keeping the promise of 5G

No wonder 5G is proving to be more of an evolution than a revolution. But when we talk about using new technologies to support changes in user habits, it is clear that 5G is going to be key to achieving it. For example, being able to use data in real time, at the precise 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 companies and help them reach new customers for the service, as well as allow people to set up businesses in more remote areas. More essentially and essentially, it will give people access to services that 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 convenient payment solutions. It's going to be really transformative in emerging markets. As always and at all times, fraud is not far from the agenda of both companies and users. As people, as we have seen, adopt new ways of purchasing and paying, they are still concerned that online retailers must understand and act if they are to ensure consumer trust and maximize profitability. Development opportunity represented by acceleration expensive what digital. As users continue to move online, they are also now more aware and concerned about fraud. And it is also in this area that we are going to see positive changes, since 5G allows merchants to integrate advanced security and speed into transactions.

Trust above all

Sustaining 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 that data well at each and every stage 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 vendors, fintech, retailers, merchants and banks. By doing this and bringing these digital identities together, 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 truly improves. Combine it with a tailored, frictionless box and it becomes a significant competitive advantage, which has never been more essential in these unprecedented times.