The pandemic sparked a major shift in consumer interests and expectations, which resulted in a substantial increase in digital payments in 2020. To boost agility, resilience, and fulfill customer expectations, all firms undergo some kind of digital transformation. Cashless and contactless payments based on digital and cryptocurrency helped to ensure security, speed, convenience, and seamlessness. To prevent the Covid contagion, improve financial inclusion, and encourage trade and commerce, governments and regulatory organizations backed the push for contactless, cashless, digital payments.
When considering the evolution of the payment distribution model, the change to technology-centricity in the payment processing industry is very crucial. Payment processors must have excellent technical chops to present themselves as attractive partners, with SaaS platforms and marketplaces quickly becoming mission-critical entities to associate with in order to target SMBs. Many high-growth software firms just don't have the patience to engage with a payments partner who can't keep up with their speed and agility.
When dealing with sensitive information such as payment information, security precautions must always be a top priority. Biometric authentication (fingerprint ID validation) for transactions is one of the most recent technologies for secure payment processing, with more than 18 billion transactions expected by 2021. Because fraud is such a severe problem, security measures and more complex forms of payment identification and verification will continue to evolve.
The more information we have today, the more prepared firms will be for tomorrow. Choosing the correct payment processor is crucial to an institution's future payment processing success. Financial institutions that can predict and capitalize on change will actively mold their own fates and help define the future of credit and debit card payment processing. To get the most out of these advancements and avoid payment difficulties, you'll need Fintech partners who are experts in building powerful, scalable, and customizable API connections that can help you future-proof your payment processing.
Thus, in order to help businesses understand more about all the latest technologies being implemented in payment processing today and learn more about the key trends in focus, Group Futurista is happy to present its “Future of Payment of Processing for Businesses” webinar.
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