Innovative players in the finance industry are building on the accelerated growth in the payments landscape. Next gen payment processing technologies are opening up opportunities for businesses to innovate the entire way commerce operates. Markedly, cutting-edge technology is reshaping the payment landscape, including the future of FinTech. The evolution of payment technology continues in the age of mobile wallets, EMV, blockchain, etc.
Next-Gen payment processing technologies
The ability of technology to leapfrog developments in emerging markets is shifting the payment ecosystem from being commoditized propositions to valuable solutions. Important to realize, the evolutionary technologies in the payment landscape are poised to redefine businesses with increased automation and connectivity.
Payment technologies encompass many solutions, ranging from mobile payments to e-wallets. Out of the many, 9 payment technologies are setting the pace for markets worldwide. These promising payment technologies are all set to simplify international remittances, and diminish transaction times. The shift has already begun, and payments are going to be far more than a mere funds transfer.
Following are the 9 payment technologies which are reshaping the digital landscape:
- Europay, Mastercard and Visa cards (EMV)
- Remote Deposit Capture
- Authentication/Biometrics
- NFC/Contactless Payments
- Real-Time Payments
- Blockchain/Bitcoin
- E-commerce and M-commerce
- Mobile point of Sale (mPos)
- Mobile wallet
Learn more about the 9 most promising payment processing technologies in our Slideshare presentation:
Most promising current and future payment technologies from SG Analytics
Businesses are adopting above payment technologies to deepen the relationship with their consumers. However, constantly changing customer expectations are forcing businesses to frequently adopt new payment gateways. Hence, it is vital for all businesses to habitually re-evaluate the boundaries and scope of their existing payment processes.
Any company that considers engaging with various payment ecosystems must project the adoption rate across its consumer base, aiming to shape a customer-centric business model by identifying all relevant payment ecosystems. Another key point, it is vital for businesses to establish a dynamic set of measures to counter risk and compliance issues. Also, businesses must be committed to assessing vendors on the basis of regulatory requirements.
Payment processing technologies – through the lens
Innovation doesn’t stand still. Hence, it is imperative for businesses to keep an eye on the innovative technology horizon. Looking through the lens, it is clear that a rising number of companies understand the importance of a next-generation business model in the digital age of evolving payment technologies. However, acting on wide dimensions with bold and tightly integrated strategies will allow businesses to place their bets precisely.
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