Video: Emerging Trends in the Payments Industry, Part 2

While no one can say with absolute certainty what the rest of 2016 will reveal,  

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Emerging Trends in the Payments Industry, Part Two

Jun 27, 2017

Video: Emerging Trends in the Payments Industry, Part 2

While no one can say with absolute certainty what the rest of 2016 will reveal,  years of experience and industry insight tell us that  there are a few topics those of us in the payments space should keep tracking, even when others have moved on.

EMV® Chip Card

The rollout of chip cards in the United States will continue to make news as industry experts evaluate how the new technology is working. Most agree that this is one of those things the industry needs to get right.

Mobile Payments

It's no surprise that mobile payments are on the list of key issues to continue watching this year. And they're only going to grow in terms of consumer demand and expectations. To accommodate the evolution, the industry needs to shift to standardization around things like tokenization, so we can avoid replicating solutions with every new app and payment solution that comes down the pipe.

Digitalization

Today's infrastructure is supported by many years, billions of dollars and a large, back-end production process to facilitate the exchange of funds in hundreds of millions of accounts. Going forward, not only must our mindset change, but we will also need to embrace investing in new technologies, predicting how the transition will take place and understanding how existing infrastructures will work with new technologies down the line.

What's Next?

At the root of each of these three issues is an examination of the customer experience at the point of transaction. We all have to focus on the end-user experience. So whether we're fighting to prevent fraud, creating new apps and solutions to meet more tech-savvy consumer demands or looking at huge infrastructure changes necessary to transition to new technologies, we can't lose sight of the individual cardholder and the need to provide a frictionless experience each and every time.

Interested in learning more?