PAYMENTS & TELECOMS
“ Naturally , these benefits contribute to significant cost savings and operational efficiencies for telecom companies , enabling them to focus resources on improving their core services and driving business growth .”
Telecom payments : What are telecom companies missing ? It is clear modern digitisation of financial services paints a rosy picture for telecom operators offering payments . But what are the downsides ? What can a payments or financial services provider offer consumers that a telecom company cannot ?
For Belda , while telecom companies are becoming increasingly capable , offering more services in different sectors like payments , smart agriculture , and health tech , “ to continue to do so efficiently and effectively [ they ] need to have the right partners on board ”.
He adds : “ Most telecom companies don ’ t yet have a clearly defined financial services proposition .
“ By partnering with a payments service provider , telecom companies can focus on their core operations and business growth , diversify offerings and increase customer engagement , all while maintaining a competitive edge in the market .”
Meanwhile , as far as Persson is concerned , the main struggle for telecom companies is keeping up with different regulations . “ Adhering to various countries ’ sanctions , anti-money laundry rules , and regulations can be a very complex undertaking ,” says Persson . “ Ideal digital payments providers will be able to help telecom companies navigate an increasingly complex digital age .
“ As digital payments increase , so does the potential for fraud . Most enterprises currently rely on ageing IT infrastructure , but advanced security and fraud management systems are needed .
“ By partnering with a payments service provider , telecom companies can focus on their core operations and business growth ”
DANIEL BELDA HEAD OF PRODUCT STRATEGY , OPENPAYD
78 October 2023