Payments : More Opportunities and Challenges on The Way

Expertise review on Money2020 2015 emerging Trends by Clive Williams, Global Business Development Manager, Limonetik

Just in case you did not notice, Money2020 took place on 25-28 October in Las Vegas. Over 10,000 attendees gathered to catch up on the latest trends in payments and innovative financial services, with in depth and broad coverage in all areas including retail service solutions, data, technology, international innovation, mobile etc.

Limonetik has attended the conference for the past two years, participating and witnessing the many discussions, speeches and seminars regarding the emerging trends that will make a difference in everyone’s lives next year and beyond.

Among the many discussion topics, we noted the ‘hot-button’ ones this year:

Omni-channel dominates the conference

It was not a surprise that omni-channel payment is the buzzword in Las Vegas a few weeks ago, especially the shopping experience on the mobile devices.

What customers prefer today are cross-channel services and designs, faster access, integrated customer journeys, cardless and screen-less transactions. Physical cards and screens are increasingly replaced by mobile payment systems. As the millennials are becoming the main driving force in commerce nowadays, to meet their cross-device shopping demands is the key to growing the industry. A greater consumer adoption requires more advanced technology in the Fintech sector.

Alternative payment methods with more innovation

Despite the wide-spread use of physical screens and card readers, physical gift cards and prepaid cards are predicted to be replaced moreso by digital and virtual versions. They are more convenient for customers to purchase, with no need to carry physical cards everywhere. Digital is also available instantly and with their rapid growth, customers could enjoy more comprehensive features and functionality from these Payment Methods: balance checking, redemption of points, even the newly-added functions, like reloading of prepaid cards, etc.

Additionally, the merging and blending of different Payment Methods will become a popular way for consumers to shop; for example, part completion of one transaction with a gift card, prepaid card and wallets on multiple devices, however, it needs to be simple in order to gain mainstream use and awareness.

Cross-border innovation for borderless business

Being part of the astronomical cross-channel e-commerce acceleration and growth is a tough matter to manage for all the international players in the value chain. Owing to the fact that companies need to learn the complex nature of various local markets, acquire insightfulness regarding local consumer habits, and the various and often complex regulations in different regions.

In order to become accustomed to the international trends, there must be more ‘borderless collaboration’ and innovation on a global scale. Such borderless innovative technology could also help enterprises, merchants and businesses obtain more advantageous positions in the international and very competitive environment with higher global recognition and awareness at the same time.

Spotlight on bitcoin blockchain technology

Besides the alternative payment methods like prepaid and wallets, bitcoin is another hit topic of Money2020 this year, especially with a heavy spotlight on the blockchain, bitcoin’s distributed public ledger of transactions.

Around 20% of attendees predict that bitcoins blockchain technology will impact the financial services in the upcoming few years. They debated that: bitcoins blockchain is potentially the most beneficial version of the technology among more educated representatives of the incumbent financial industry.

Meanwhile, banks are also exploring how to create products with blockchain technology, expecting it could play a major role on financial security and payments fraud prevention.

More opportunities in FinTech sector

Very different from the former conferences, this year, Money2020 covered a wider and broader range of topics, like payment security, authentication, wearable devices, ATM, data digging, data sharing, household and vehicular-related security and financial activities.

Take secure payment as an example: with more payment methods and innovative technologies to make transactions at present, security is a major issue for users and Issuers alike. Biometric technology solutions, continuous authentication and persistent mobile identity was therefore another subject that featured highly in Money2020 this year.


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