With global digital payments set to hit a record $4.7 trillion transaction value this year, this market is showing no signs of slowing down. Simple to set-up and low cost, SoftPOS solutions are perfect for small and medium merchants looking to capitalize on the digital commerce trend.
Last month, FIME attended Banking Frontiers’ Finnoviti & Technoviti 2020 in India, with this year’s theme ‘Experience Everywhere’ reflecting the growing emphasis put on the user-experience in today’s evolving payments ecosystem.
The growth of e-commerce, m-commerce and remote commerce transactions is showing no signs of slowing down. In 2021, over 2.14 billion people worldwide are expected to buy goods and services online, up from 1.32 billion in 2014. The growth of card-not-present (CNP) transactions has driven a new age of consumer convenience but in parallel, a new age of fraud.
The rise of ‘tap-to-pay’ payments made using smartphones is showing no signs of slowing down. It is estimated that mobile payments will amount to $14 trillion by 2022. To keep up with this trend, banks and issuers must be proactive in offering solutions that suit the evolving needs of their customers. Achieving total security is impossible, for any implementation, but integrating strong security measures make it harder for hackers to infiltrate applications and obtain sensitive data.
Last month, we visited Singapore for Global Mass Transit’s (GMT) annual Transit Ticketing & Fare Collection APAC conference. Rapidly becoming the event in the APAC transit industry’s calendar, this year’s show didn’t disappoint.
Smartphones are central to our daily lives. We manage our personal and business affairs, watch movies, track our health and, increasingly, make payments. Adoption of mobile payments is rising considerably worldwide, with predictions estimating it’ll be the second most popular way to pay by 2022.
As data breaches continue to rise globally, protecting the integrity of customer data (especially in the payments world) is vital. One essential security standard helping keep such data secure is PCI DSS – an information security standard for organizations that handle cardholder data. But aligning with the standard can be complex, time consuming and costly. And, as result, many payments stakeholders are becoming complacent about compliance.
Since the launch of contactless just over a decade ago, innovation in payment cards has struggled to keep pace. While card payments themselves have steadily risen, in an increasingly mobile and digital age, many are already predicting the death of the card.
Standardization is prolific in any digital sector and the payments world is no different. However, despite the existence and widespread adoption of global payment standards, we’ve still yet to achieve true standardization. This is a pertinent and complex issue for today’s market. But what are the complexities making interoperability such a priority? And how can we achieve harmonization in payment standards?
As services across transport ticketing, payment, loyalty and more increasingly converge, mobility service stakeholders are presented with a number of new opportunities to deliver better services, form partnerships and enhance revenues. But for many, the costs and complexities of upgrading legacy systems can slow innovation.