November 20196The payment and card industry is rapidly evolving in response to seismic shifts in technology and consumer behavior. Driven by the need to drive down operational costs, simplify payment processes, and enhance the user experience, financial institutions are embracing innovative digital payment technologies to redefine the established model of payment services and pave the way for a new paradigm. As an outcome, mobile wallets are replacing physical wallets, and contactless payments are slowly taking center stage, giving businesses and retailers the ability to offer fast, secure, and smooth payments. The rapid growth of digital transactions makes it imperative for all organizations to set up their own payment gateways to maintain the integrity of the payments and have a strong security framework. To meet such requirements, companies are on the lookout for robust end-to-end payment solutions that help them in managing accounts and payouts, securing payment data, and integrating to various payment methods. But, irrespective of the technology adopted, ease-of-use and security remain the primary concern for users. Technologies such as artificial intelligence and machine learning are being used to analyze credit card transactions to enable real-time verification and detect fraud detections.The significant changes in the conventional payment industry are geared up by cloud-hosted software that provides a unified transaction platform easily accessible anywhere. The growth of connected mobile devices and the Internet of Things (IoT) has also increased the number of payment methods, as well as users. Moreover, the fact that digital payments are simple, easy to trace, and secure, seems to be the main reason for the increasing adoption of this technology across the globe. On the other hand, consumer technology has also shifted gears, owing to the growth of card-to-cloud transactions. They allow the end-users to directly pay to the merchant's digital account by simply scanning a QR code with their smartphone. That being said, the peer-to-peer payments method is fuelling the change in the Fintech industry. We hope this edition will help you optimize your technology investments to fit the strategic business models. Let us know your thoughts.Copyright © 2019 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Contact Us:phone:510.402.1463Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com NOVEMBER - 07 - 2019, Volume 05 -17 (ISSN 2644-2418) Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464Sebastian Jacobsebastian@bankingciooutlook.comVisualizerManaging EditorJames RobertsonFuelling the New Payment ParadigmJames RobertsonManaging Editor editor@bankingciooutlook.comAbhilash PunnolipparambilCarolynn WaltersJustin SmithEditorialJoseph MichaelKenneth ThomasRussell Thomas*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffAsher Blake
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