Future Digital Payment Innovations: Insights from Visa, Moneyhub, Computop, Hyland, and Integrated Finance
This month, The Fintech Times delves into the realm of paytech, exploring technological innovations that are reshaping the way we make payments. As the payment landscape continues to evolve, we turn our attention to the upcoming innovations that are poised to make waves in the digital payment space.
Alistair Cotton, co-founder of Integrated Finance, suggests that the next popular payment platform may emerge from an unexpected source: popular social media platform X. Cotton notes, «Social media has become a daily routine for many, and any additional innovation such as payments will be adopted more quickly. Additionally, X users are provided with a host of complementary services that facilitate the creation of centers of commerce faster than any other outlets. AI is going to drive a lot of freedom to focus on intellectual property in payments.»
To gain deeper insights into the changing landscape of digital payments in the next year, we reached out to a panel of experts in fintech and finance.
Ramez Hanafi, Head of Digital Solutions at Visa, emphasizes the importance of interconnectivity in driving future innovations in digital payments. Hanafi points out, «We are seeing continual innovations in digital payments, but to deliver the most value to people, businesses, and economies, it’s about recognizing interconnectivity; across sectors, markets, and platforms, and harnessing them at scale.» In the not-too-distant future, Hanafi envisions scenarios where drivers can use biometrics on their steering wheel to make payments seamlessly.
Mark Munson, Managing Director at Moneyhub Payments, predicts that smart payments are on the verge of mainstream adoption. He anticipates a surge in bespoke financial products and services tailored to consumer preferences, including AI-driven predictive payment solutions and enhanced biometrics for secure transactions. Munson believes that consumers will emerge as the ultimate beneficiaries in this evolving landscape.
Ralf Gladis, CEO of payment services provider Computop, sees AI as a game-changer in the digital payments industry. He emphasizes the importance of seamless, frictionless checkouts and how payment service providers are leveraging AI to analyze customer data and behavior for creating personalized checkout experiences. Additionally, AI is being employed to combat fraud attempts, potentially constructing new fraud rules based on generative AI and assessing their effectiveness through machine learning.
Tim Hood, Vice President of EMEA and APAC at Hyland, highlights the UK government’s exploration of open banking-driven digital payments for public services. This move promises enhanced convenience for public service payments, potentially eliminating the need for physical payments. Open banking could also streamline the efficiency of public services, automating benefit payments and facilitating easier tracking of applications for services like passports and driving licenses. Furthermore, open banking has the potential to empower individuals to manage their finances better, offering tools for monitoring expenditures and automating bill payments.
As the digital payment landscape continues to evolve, these insights from industry experts provide a glimpse into the exciting innovations that lie ahead. From social media platforms entering the payment space to the integration of AI and open banking, the future of digital payments promises to be both dynamic and transformative.