The Quest for the ‘Perfect Payment’: Perspectives from Paytech Innovators

In the fast-paced world of fintech, innovation continually reshapes how we make payments. This month, The Fintech Times delves into the realm of paytech, exploring the concept of the ‘perfect payment.’ Is it an elusive dream or a tangible goal on the horizon?

Mike Smith, director of Business Expert, asserts that while the idea of a ‘perfect payment’ varies among individuals and businesses, it generally encompasses characteristics such as instant, fee-free, secure, and universally accepted transactions. Smith suggests, «While innovation in the payment sector continues to move towards this ideal, the diverse and evolving nature of global commerce suggests that there will always be room for improvement and adaptation to emerging needs and technologies.»

Steve Naudé, head of Wise Platform, shares his perspective on striving for seamless cross-border payments. He emphasizes that international payments should be as effortless as sending an email, advocating for instant, convenient, low-cost transactions. Naudé envisions embedding payments in various platforms to cater to specific use cases, such as paying bills through accounting software or sending money via messaging apps. He underscores the importance of cross-collaboration between financial institutions and fintechs to make instant cross-border payments a global standard.

Brad Hyett, CEO of Phos, highlights the perpetual nature of payment innovation, citing trends like dynamic currency options and biometric authentication. Hyett sees businesses incentivizing customers with loyalty schemes and value-added features while mobile payment solutions like Apple Pay and Google Pay gain popularity due to their convenience and security. He predicts that innovations like SoftPoS technology and regulatory changes will further simplify payment acceptance and drive adaptation.

Bruno Natoli, CEO of Mia-FinTech, emphasizes the need for diverse payment solutions to cater to varying global needs. He acknowledges that no single payment method can be universally perfect, as preferences and requirements differ. Natoli underscores the importance of robust, secure, and 24/7 payment solutions that can handle high transaction volumes effectively.

Patrik Backman, general partner at OpenOcean, echoes the sentiment that there is no one-size-fits-all ‘perfect payment.’ He points out the diversity in payment preferences across different regions, such as contactless payments versus cash and mobile wallets versus traditional payment cards. Backman sees constant improvement in payment innovation driven by factors like speed, cost, security, and convenience. He notes the emergence of disruptive solutions like software point-of-sale (SoftPOS) systems and biometric authentication methods.

The pursuit of the ‘perfect payment’ may never reach a static endpoint, but it fuels a positive cycle of innovation. As technology advances and consumer preferences evolve, payment solutions continue to strive for improvements, benefiting both businesses and consumers. The endless quest for optimizing payment processes ensures that there is always room for innovation in the ever-evolving world of paytech.