The Future of Paytech: An Update for 2024
Peter Johnson- Jan 8, 2024
- 2 min read
This week I am sharing this article.
The article draws upon insights from industry experts to forecast what paytech may look like in 2024. The trend-spotting suggests that the demand for immediate payments could grow significantly, along with the adoption of alternative payment solutions. In addition, user-centric practices, payment automation, and the reliance on data analysis and AI may become more prevalent. Finally, it is expected that payments will become easier to use and mobile-friendly.
Experts, like Antoine Cuypers of Intix and Lena Hackelöer of Brite Payments, point out the increasing call for instantaneous payment options in Europe and North America. The European Commission's advocated law seeks to make instant payments obligatory for every Eurozone transaction, and this may possibly beget wide deployment.
James Booth of PPRO has highlighted an uptick in the use of alternative payment methods moving away from the traditional credit card-based methods, and towards more comprehensive purchasing journeys enabled by e-wallets and apps.
Alex Berrai of emerchantpay sees simplification as a major payment trend in 2024, placing emphasis on providing mobile-friendly experiences. Furthermore, Berrai stresses the use of AI-driven risk management for heightened data security and reduced risk of fraudulent attacks on merchants in the future.
In 2023, the payments industry saw a pivot towards user-focused protocols, prioritizing secure and contactless exchanges. According to Graham Smith, Managing Director at Volopa, there is high expectation of an influx of DeFi advancements, biometric authentication advances, and simplified cross-border payments in 2024.
Richard Ransom from Bottomline emphasised the success of Confirmation of Payee (CoP) in 2023, noting that 99% of banks had adopted it for account verification. In 2024, the payments industry is predicted to keep transforming digitally and automating formerly manual payment processes. This likely includes a change towards cloud-based payment and cash management solutions, prioritising durability and productivity in order to meet economic and regulatory demands.
Gabriel Le Roux, the CEO of Primer, stated that merchants are predicted to use data analysis and AI more and more in 2024 to reduce risks and build a more consistent and efficient payment system. This evolution is intended to grant merchants more chances to expand.
Brian Greehan, Head of B2B Solutions at Global Payments, discussed the effects of sustained economic distress, which led to businesses stressing cost decrease and operational capability. Consequently, Accounts Payable (AP) turned into a focal point, with plans to quicken the mechanization of back-office processes largely for AP in 2024. This attempt intends to make payment processes simpler, improve transaction control, and reconcile hardships posed by remote and joint work in the finance sector.
This article has been made possible through the utilization of ChatGPT and other Artificial Intelligence technologies. Thank you for taking the time to read it.
Comentarios