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Merchant Payments Partnership Awards

An interview with the winners

POSitivity Magazine
Editorial Board
Collaboration breeds innovation

Traditional payments providers should partner with nimbler, more agile providers like fintechs to provide that next level of service or innovation.

MPE Awards 2018 recognized innovation & excellence in merchant payments acceptance, and Verifone are proud to be amongst the winners.

The MPE AWARDS serves as a quality benchmark in European merchant payments and helps merchants in decision making over the payment providers. The awards ceremony recognized the TOP 14 European merchant payments providers at 11th annual MPE2018 (Merchant Payments Ecosystem) conference and exhibition during the Gala Dinner in front of 900 senior industry professionals.

POSitivity Magazine interviewed June Felix, President Verifone Europe & Russia, as winner of the Merchant Payments Partnership award.

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.

What are the specific challenges for innovators in merchant payments ecosystem?

The first challenge is meeting the growing expectations of the consumer and creating seamless, connected experiences, while ensuring the most robust security possible. This means having to strike a balance between keeping security front of mind, while pushing the envelope of innovation. However, comprehensive security is essential for the innovator, and with GDPR on the near horizon, end-to-end data security is a must.

What future developments do you foresee for B2C payments in the fintech era?

The fintech era has given us a glimpse into a world of new opportunity where technology dismantles traditional barriers. The consumer banking world is become less physical, with a number of fintech challengers having already successfully provided customers with a mobile-only experience. These innovative ideas fit neatly into the connected, app-based lives of the modern consumer, contributing to the step-change we are observing and part of in the payments space. Cross-border payments will also be much smoother. This is currently a process that typically requires capital to be tied up in different markets, resulting in an inefficient and time consuming process. However, the advent of blockchain will make this process more secure, and almost instantaneous.

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