DIGITAL PAYMENTS
Four leading paytech trends
New payment products Recently , Visa reported that its contactless payments services have experienced a 75 % upsurge since early 2020 . In March , the UAE also said that its contactless payment services had seen a 100 % increase . Near-field communication ( NFC ) is now classified as mainstream .
Biometric security Increasingly innovative ways of ensuring faster , more secure payments are growing in popularity . VibePay ’ s launch of the first voice-activated payment solution in Europe is evidence of the trend . Customer authentication currently includes facial recognition and fingerprint identity .
Integrated payments Payment Initiation Services ( PIS ) are being activated by merchants via their platforms to enable them to seamlessly interact with a customer ’ s bank account via Open Banking . The earlier distinction between financial service providers and merchants is disappearing .
B2B payment solutions The recent advances in consumer payment solutions have left the B2B payment services behind in terms of innovation . By way of catchup expect significant inroads to be made imminently in this space .
94 November 2021