PAYMENT SOLUTIONS
“Human oversight cannot guarantee consistent security against fraud or hacking at those scales . So there is no going back on automation ”
MARTIN REHAK CEO OF RESISTANT AI
financial system , simply because its accelerated usage shows no sign of slowing down , and its stability is negligible .
De Bos says blockchain technology is the motivating factor behind the increased use of crypto - and even the social media giant Facebook is considering entering the digital currency market as a result of it . “ The largest and most successful technology for making international payments possible is blockchain . The immutable and transparent nature of blockchain places it at the forefront of the payment industry trends . It ' s an excellent candidate for an international cashless currency . Even Facebook is planning to create a virtual currency .”
Chariell concurs , “ Payments automation makes it easy to accept multiple types of payment mechanisms , from cards to digital wallets to bank accounts directly , and most recently , to crypto payments . Visa and Mastercard , the backbone of the automated payments network , are allowing cards to be used to buy crypto and access crypto accounts to make payments at any merchant accepting their cards .”
She adds , “ Crypto providers such as Coinbase , have built crypto-wallets for investors to store and transact in their digital currencies , plus tools to help merchants accept crypto-payments .”
What will the future of payments look like ? As Amazon matches forward with its entirely contactless stores , the world of payments is already becoming unrecognisable when compared to just a decade ago . But what will it look like in the future ?
Kreps believes it will simply be much more efficient - but this will be driven by necessity rather than innovation for innovation ’ s sake . “ I think [ the paytech space ] will be much better than today – with increasing trade across borders , especially when there are issues like today with supply chain , we ’ ll need to find ways to pay suppliers faster and electronically , with increased transparency .