“Collaborations between paytechs and banks , especially through open banking initiatives , will continue to expedite secure and cost-effective payments ”
JEROEN HÖLSCHER GLOBAL HEAD OF PAYMENTS SERVICES , CAPGEMINI
“ As a result , payments technology has needed to evolve to meet these expectations , offering faster processing times , user-friendly interfaces and enhanced convenience .”
Of course , consumer expectations are not the only external factor contributing to the rise of technology in payments , regulatory initiatives play their part too . Jeroen Hölscher , Global Head of Payments Services at Capgemini , says : “ Regulatory initiatives like tokenisation and directives like PSD2 and PSD3 have pushed the industry to adapt and innovate .
“ Additional initiatives like the ISO 20022 migration , CBDC pilots and instant payment services are further catalysing the innovation process .”
What ’ s more , for Global Payments ’ Irwin , a push to protect and support businesses from macroeconomic headwinds has added further fuel to the fires of innovation . “ The primary driving force behind innovation in paytech is the push to support businesses by developing more efficient and convenient ways for their customers to pay ,” he says .
“ Merchants that want or need to increase their revenues and expand into new markets
84 January 2024