DIGITAL PAYMENTS
WHAT DOES THE FUTURE HOLD IN STORE FOR PAYMENT TECHNOLOGIES ?
The advancement of technology , coupled with rising demand for speed and convenience , is defining the future of paytech with a new era of innovation
WRITTEN BY : ALEX CLERE
Payment technologies define the way we pay for , and receive , goods and services . As new ideals of speed , convenience , affordability and connectivity become possible with the inevitable march of technological endeavour , so too new payment technologies will enter our lives .
So , how will the future of commerce be shaped by the payment technologies of tomorrow ? “ The future of payments is unfolding in ways that were once considered unimaginable ,” explains Paul Staples , Head of Embedded Banking at ClearBank .
“ Technological advancements , shifting consumer preferences , and evolving regulatory landscapes are fundamentally reshaping the way we conduct financial transactions across any business , person , or indeed machine .”
Payment speed is not the only consideration Staples continues : “ Innovation in the space for the past 20 years has been about speed , in both domestic and crossborder payments , but we ’ re now bumping into diminishing marginal returns when looking only at speed as the innovation driver . Payment speed remains a critical consideration , but we believe payment safety stands out as a crucial concern in the payment landscape of the future .
“ The modern payment ecosystem is a dynamic space characterised by an array of options , from mobile wallets and digital currencies to contactless payments and biometric authentication . The need for speed has been a prevailing narrative . Consumers and businesses have come to expect rapid , convenient transactions that