What would you point to as key trends significantly impacting merchant payments in next 1-3 years?
The strongest driver is the power of the consumer. Today, people are no longer behind the curve of development, they are familiar with the seamless, effective convenience of apps and social media, and they expect the same when they’re paying. The call for speed, efficiency and context is rapidly becoming a need, but customers are also looking for new options and experiences when paying. This could include the ability to offer customers services to delay payments until payday, or providing easy options for making charitable donations. The consumer plays a major part, but the other pressure point accelerating change is technology expanding beyond merchants’ ability to pay. One thing is for sure, mobile payments are on the rise, there are set to be 977.2 million users of mobile payments globally by 2020, representing a global and unstoppable trend.
How can payments providers overcome the challenge of legacy systems, and embrace the future?
This seismic shift has uncovered a world of new opportunities for payment providers like Verifone, and openness is the key. Collaboration breeds innovation, so more traditional payments providers should look to partner with nimbler, more agile providers like fintechs to provide customers with that next level of service or innovation.
Within the payments industry, this includes biometrics, digital currency and blockchain - top tech trends set to deliver transformational disruption. Partnerships are important, but it is also about creating open platforms to allow developers to create apps, nurturing innovation. Implementing this approach means that the time to deliver on new ideas can be slashed from months to minutes.