In the last two decades, the way people communicate, play games, do business and even shop has been transformed by technology innovation. From fast, affordable home broadband at the turn of the century to the rise of the connected mobile device over the last decade, all have driven changes in a way that has not been seen since the industrial revolution.
But whether it was the beginnings of Amazon and eBay, or the rise of smartphones and just how much they can do for everyone, while you focus on the obvious innovation, there has been an underlying tech revolution that many hardly notice and often take for granted. That is the payments industry. Everything you do, from buying a book online to grabbing a burger at the mall, it is all possible because of the payments industry and its ability to innovate, transform and keep up with ever changing demand in this fast-paced world.
At their core, payment systems are simple, when you make a purchase using your card, the payment processor takes the money out of your account, then deposits it in the merchant’s account. That is the basic process of how payment systems work like that across the internet while remaining secure, working through using phones as the payment device and so on. Payment technology today leverages cutting edge technology to deliver simpler, safer payment systems that deliver the solutions that businesses and customers expect.
APACPAY.com is one of those innovators, delivering bespoke payment solutions across all market sectors, combining cutting edge technology with a dedication to customer service that delivers inspired outcomes for clients and their customers alike. Introducing a simple, easily managed payment gateway for global payments around the world along with the innovative i-RiskGate security package to maintain payment integrity, APACPAY.com is pushing the boundaries of current payment industry expectations.
However, a great solution today is not all you need, but a vision for the future that will keep up with your needs and maintain commercial advantages in the future, which is why companies like APACPAY.com never stand still, but instead are always looking for the next step in what is possible. An industry built on innovation, the payment industry develops alongside the tech we use every day, and seeing payment trends for the year ahead is like a glimpse at the future of all aspects of life, so what will these innovators bring us next?
While the customer facing aspect of the payment systems have continued to show significant innovation, with ideas such as Apple Pay and other digital wallet style options delivering even more user-friendly ways of completing transactions, the back-end infrastructure is where the majority of changes in the immediate future will likely be found. As both regulatory and technological changes introduce new challenges as well as opportunities, the payment industry must adapt to the new business environment.
One area where this will have significant impact is that of Application Programming Interfaces, also known as APIs, and the rollout of open APIs to provide new opportunities and reduce barriers in global payments will continue, driven by the growth in digital payments, in particular cross-border payments as global commerce increases. Open APIs are particularly important because they are the driver for instant payments, and area that not only adds value for end users, but is also actively encouraged by banks, and is a growth area around the world.
The potential of instant payments is enormous, and they are seen as the key to driving growth of non-cash payments, even replacing debit cards in some scenarios, leading to lower banking fees for point of sale terminals. This in turn could see new check-out methods in-store and online, and also enable a push for real time banking services that are currently difficult due to infrastructure limitations.
Those are significant changes for the future, bringing improved service and a more streamlined payment procedure for end users, while also adding efficiency and cost savings to merchants, transforming the shopping experience whether in-store or on line. However, it is the regulatory landscape that presents the largest challenge to the payment industry moving forward, as governance across the world struggles to keep pace with technology advances and regulations become ever more complicated as they attempt to keep up.
Within the payment industry, these challenges mean adapting to new compliance requirements, and it is this area of identification where the focus is placed. Payment firms can help banks leverage both existing systems and data to help banks better adapt to ongoing compliance changes, speeding up the process and reducing costs simultaneously. For end users, this can streamline the payment process and improve user experience for such things as the know your customer compliance initiative, which can be a significant problem for end users to deal with today.
While there are many other areas that will see significant improvement moving forward, these two areas in particular not only enhance payment performance and security, but tangibly improve the payment experience for end users and merchants. Indeed, instant payments have the potential to transform what in-store checkout is, improving the shopping experience for all customers.
There have been huge advances in technology and payments in the last two decades, and while that has acclimatised purchasers to online shopping and card payments, it is only now, as technology advances even further, that the entire process of payments can move forward again in an arguably even bigger leap. This is the mission of the payments industry, and from Fintech companies to Regtech companies, advances that deliver real change are emerging all the time.
The payment industry has been part of the transformation of modern life without consumers really noticing, and is still at the heart of the changes to come. Will consumers recognize the innovation and dedication involved when instant payments transform the stores they visit? Or will consumers again take for granted the new payment systems and get on with enjoying a more streamlined, secure and easy to use shopping experience, without giving a thought to how it happened?