The Next Big Payment Trend: Insights from Industry Experts

In the fast-evolving world of fintech, payment solutions are at the forefront of innovation, constantly striving to make transactions faster, easier, and more accessible. With so much potential for technological advancements to shape the paytech industry, we spoke to industry experts to get their insights on the next big payment trend, according to The Fintech Times.

Paul Harrald, CFO of Curve, believes that AI will be the next major trend in payments. He emphasizes how AI can enhance payment companies’ efficiency by analyzing payment data patterns, leading to personalized customer experiences and improved overall payment efficiency. According to Harrald, fintechs are well-positioned to leverage generative AI, thanks to their agile nature and digital architecture. He predicts that fintechs embracing customization and personalization will dominate the market by offering a superior customer experience.

Pedro Batista, VP of payments at Payhawk, foresees a surge in payment innovation driven by open banking and finance regulations. As third-party providers gain access to financial data, new services leveraging transaction data for personalized insights will emerge. This trend will enable platforms like Payhawk to offer new capabilities such as predicting future spending and providing real-time spending insights, optimizing cash flow for businesses.

Jon Knott, head of insights at Dojo, highlights the importance of addressing back-end challenges in payment systems. He recommends businesses to uncouple their electronic point of sale (EPOS) and payment systems for a more seamless payment infrastructure. By integrating different payment systems, businesses can improve efficiency, data quality, and decision-making processes, ultimately enhancing customer experience.

Richard Carter, CEO of Lopay, predicts that tap-to-pay technology will become mainstream in 2024, particularly among small businesses and sole traders. With the convenience of paying by tapping their phones, consumers are adopting this technology rapidly. Businesses are also benefiting from tap-to-pay, reducing costs and streamlining the sales process by eliminating the need for cash or card terminals.

Funmi Dele-Giwa, general counsel at Onafriq, identifies several megatrends that will drive changes in the payments industry. These include digital currencies challenging traditional payment methods, AI playing a crucial role in risk management and compliance, and enhanced regulatory oversight requiring payment players to mature in their regulatory approach.

The future of paytech is bright, with AI, open finance, tap-to-pay technology, and stablecoins leading the way. These trends promise to revolutionize the payment industry, offering new opportunities for innovation and customer-centric solutions.

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