Invisible finance: what future payments should be

[Carding Forum]

What should be the payments of the future in the opinion of the modern consumer?

The digitalization of most areas of our life, as well as covid and related restrictions, have significantly changed the behavior and requirements of consumers of financial services. And new requests, in turn, determined new trends in the banking and payment services market.

What should be the payments of the future in the opinion of the modern consumer? This question became one of the key focuses at the fintech conference Money20 / 20, which took place in September in Amsterdam.

TOP-5 characteristics of payments of the future​

• Instant

The modern user seeks to make payments at the speed of thought, including cross-border payments. Real-time payments are playing an increasingly important role in the global payments ecosystem. In 2020 alone, the number of such transactions increased by 41%, largely due to the growth of contactless transactions and e-wallets. Small and medium-sized businesses are increasingly aware of the payment solutions available to them and are interested in encouraging the use of those that best suit their needs and the needs of their customers.

• Seamless

It is increasingly common to hear that payments in the modern world should be seamless. What does this mean? Seamlessness allows you to process all payments - in stores, websites and mobile applications - in one system. Seamlessness is a major requirement of today's global economy. Therefore, large corporations create their own payment solutions.

• Invisible

This characteristic is closely related to the previous one. The modern user wants payments to become an invisible part of the process of buying a product or service. “We all dream. We at Wordline want to make payments invisible, ”said a company representative at the Money20 / 20 conference, implying that payments should be made effortlessly for the user.

• Comfortable

Stablecoins, digital currencies of central banks and cryptocurrencies, QR codes and BNPLs, e-wallets and implantable chips - the industry of payment instruments is developing very dynamically. All so that the client can pay in the most convenient and familiar way.

How to Succeed in Today's Payments World​

All experts agree that companies that want to be successful in the modern world must provide the client with the perfect payment experience. Fintech companies by their very nature are designed to meet exactly these customer needs - for fast and comfortable payments. This explains the popularity of fintechs in the world. Banks, in turn, are trying to keep up, despite some difficulties with regulation.

The user wants to make a purchase or receive a service and pay for it in one place. To provide him with this opportunity, companies can independently develop the payment direction (like well-known supers such as WeChat), or do it through cooperation, for example, technology companies and banks.

“It's good to talk about the future, to discuss promising trends. But it is important not to break away from reality, "- said Konstantin Kaduk, CEO of the PROCARD processing center, in a commentary to the editors at the Money20 / 20 conference. And this is true - the world is changeable, and the most important thing for companies is to be flexible and quickly respond to changes.

This material was prepared with the support of Concord Fintech Solutions and Visa.