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What’s The Future Of Payments? 21 Experts Share Their Insights

  • 31 July 2019
  • Sam Mire

Money makes the world go 'round, so the ability to pay for things allows the world to keep spinning. This reality makes the future of payments seem quite important, doesn't it?

Want to know what that all-important future may look like? Then take a peek at these industry insiders' opinions about where payments are heading in the near and long-term future:

1. Sanja Kon, VP, Global Partnerships at UTRUST

“How we transact is radically changing and new generations are forming the payments industry’s future customer base.

Half of the world’s population is now aged under 30. These consumers are naturally digital, have never known a time without the internet, and have extremely high expectations when it comes to mobile experience.

The future of payments will be shaped by experiences that fulfill the needs of these customers, who will almost exclusively send and receive money digitally and use digital apps to manage their wealth and finances.

The mobile user experience will play a dominant role for payment players, especially when it comes to digital wallets. The new consumer generation are unlikely to ever touch cash, unless extremely necessary. It has, therefore, become crucial to design fast and convenient mobile payment platforms providing simple and easy to use customer experience”


2. Andres Ricaurte, Senior Vice President and Global Head of Payments at Mphasis

“Payments will continue to become more and more invisible and seamless, taking place effortlessly and instantly as we go about our daily lives. At the same time, transactions will increasingly gain context awareness, paving the way for hyper-personalized commerce experiences. As a result of a deeper understanding the who, why, what, when, and where behind every commerce interaction, people and businesses will receive meaningful insights and smart recommendations at point of payment that will empower them to take greater control of their financial lives.”


3. Monica Eaton-Cardone, co-founder and COO of Chargebacks911

“I believe we’ll eventually see moves to transition our existing payments infrastructure from an automated clearinghouse (ACH) model to a blockchain system. Running payments on a blockchain makes it possible to see more-or-less instantaneous payments processing and settlement, while seeing significantly less room for error and fraud.

We’re already seeing some institutional support here; JP Morgan Chase is working to build-out a blockchain system. For other banks, a third-party digital currency like Ripple might facilitate interbank blockchain payments.”

 


4. Christopher Johnson, CEO at Inlet

“Mobile is driving the future of payments. Whether it be in eCommerce, P2P, bill payment, or contactless payments, mobile will be the preferred method for how consumers transact in the future. Many factors are driving the pace of mobile payment adoption, including real-time payments, broader accessibility of smartphone devices and affordable plans, improved phone security features, and the popularity of mobile payments apps particularly among millennials. This rapid innovation in mobile technology will foster deeper collaboration between banks, FinTechs, telecom companies, and payment networks to keep up with consumer expectations and demand.”


5. Jeanette Guardiola-Woods, Director of UI/UX at Rainbow Apparel

“The future of online payments will include digital payments being available earlier in the shopping journey. Shopify already features Apple Pay on the product detail page, and you can choose to disable it. Consumers have not completely gotten to the point where this is ubiquitous, but in the future, it will be more widely adopted because customers are usually looking to complete tasks quickly and nobody enjoys being burdened by filling out fields in checkout. E-Commerce companies address this by allowing users to create accounts. To reduce friction altogether they could allow these payment types way earlier in the process.”


6. Michael Diamond, GM & SVP of Digital Banking at Mitek

“There has been significant movement toward digital means of payment. Examples include non-bank P2P services (think Venmo), bank-provided P2P (Zelle) and corporate money movement (the bank-lead RTP or “Real Time Payment” initiative).”

 


7. Rasha Katabi, founder and CEO of Brim Financial

“Overall, there’s a considerable appetite for change from consumers. They want seamless banking and financial experiences that match and reward their lifestyle choices and that work well across geographic or merchant barriers. They desire more rewards and purchasing options such as instant installment payments that are available within an open borderless ecosystem. Banking and financial services need seamless integration into the consumers’ daily lives at the exact point of delivery. That’s what is missing. Banking remains a silo of life around us, but startup firms that are challenging that dynamic are making sure services are delivered to people right now through mobile.”


8. Bill Wardwell, VP Strategy and Business Development, Bottomline Technologies 

“Business payments have traditionally lacked flexibility, intelligence and options. As business payments move to a digital-first approach, we will see the experience improve for all parties, with more options to make and receive payments and move data. Solutions and systems will more easily integrate with one another and applications will dynamically adapt to make the end user experience easier.”


9. Charlie Youakim, CEO of Sezzle

“The future of payments will be centered around giving consumers choices, flexibility and ease of use. We’ll be seeing more fintech and banking companies implement innovative technology to meet the needs of consumers and generate more of a streamlined, stress-free payment process. We are already seeing consumers utilizing credit card companies’ mobile applications to make payments in less than two minutes or using Apple Pay to purchase items at the store with a simple tap on their phone.”


10. Joe Proto, CEO and Chairman at Transactis

“Both consumers and businesses want to make their lives easier and are more willing to provide more of their data in exchange for convenience. It’s key for the industry to provide that convenience, but with the levels of security and privacy, they expect and deserve. As we do, we’ll see more intuitive and seamless payments, driven by advanced technologies like AI and machine learning. The final frontiers like business and international payments will see new solutions in a world beyond cash and less paper.”


11. Yoav Dror, CEO of PumaPay

“The future of payments holds many possibilities! Blockchain and distributed ledger technology (DLT) has already begun changing the payments industry and slowly, blockchain technology will gain the trust of banking institutions and adopted widely. The broad implications for payments, especially improving settlements’ times, removing the middleman and security of cross-border transactions are hard to ignore.

Additionally, the ability to speed up the payment process, improve capabilities when it comes to cross-border payments, reducing fraud and making the whole payment processes more efficient and transparent are all elements that will impact its future potential and use, as more finance professionals and lawmakers reassess its implications.”


12. Jared Weitz, founder and CEO of United Capital Source

“Credit cards will remain a major method of payment in the near future, but the way in which the transactions are completed with their information is changing. In-store mobile payment methods through contactless or app swiping is swiftly taking over the industry of payment.”


13. Maryanne Morrow, the founder & CEO of 9th Gear Technologies

“Payments are going to increasingly move to a peer-to-peer (P2P) process as  financial institutions embrace the benefits of blockchain technology. This area, in particular, is tailor-made for accessing the benefits of the technology. The cost savings from the reduction in reconciliation and errors and the ensuing reduction in operational staff will overwhelm any concerns over using new technology.”


14. Kyle Collier, founder of Phaze

“In the future, we believe that since cryptocurrency can be internationally remitted, received quickly at little cost then there will be reduced costs for merchants and consumers alike.

There needs to be simple software that enables this to be done easily with training on accepting cryptocurrency and how to deal with it from an accounting perspective. Coinbase and BitPay were the pioneers of this space, but unfortunately large retailers aren’t quite ready to accept crypto yet.”


15. Mike Massaro, CEO, Flywire

“The future of payments is all about choice.

Zelle, Venmo, Visa, Ant, Alipay, PayPal, ApplePay, GooglePay, WeChat, Crypto, Cash, Check, direct debit, etc. There are more payment options than ever for customers today. Whether a business is supporting customers online, in-store, domestically, or internationally, it has to consider what forms of payment it will accept, and how those choices might impact its customers and the relationship they have with the business. It’s no longer enough to just accept cash and credit cards. Customers expect to be able to pay the way they want to. And businesses need to take stock.”


16. Kevin Lee, Trust and Safety Architect at Sift

“The future of payments will be more personal, more secure and frictionless. Customers will be able to choose how they want to pay with anything from cash to bitcoin – plus when to pay using services that allow payment in installments. This shift will occur because customers, not merchants, will dictate it. What’s more, who customer data is shared with will become increasingly more scrutinized.

The best tools and features are often invisible to the eye. Payments are the same. The commerce experience will depend less and less on the payment experience because it will become a less visible component.”


17. Dr. Lucas Lu, founder and CEO of 5Miles

“Concurrent with the ever-growing need for stronger information security, mobile payments are becoming more mainstream in countries both developed and emerging.

Globally, many consumers still don't have credit, although the concept of “stable coins” (i.e. fiat-tethered digital currencies) may bridge that cap and introduce e-commerce to more people in more markets.

On the horizon is an e-payment system based more on the philosophy of decentralization (ex. blockchain technology), which may help reduce online payment costs.”


18. Eric Brown, Founder and CEO of Aliant Payments 

“An increasing distrust of banks has created a climate that’s ideal for the rise of cryptocurrency payments, which are secure and put users in control.

Our current credit card authorization and settlement system is dated and slow, transactions are hard to track, fraud is rampant, and there are many steps involved when moving money.

Cryptocurrency payments provide an opportunity to move money anywhere in the world faster, cheaper and easier, and they eliminate chargeback fraud and identity theft. Crypto payments also level the playing field for the approximately 2 billion people who don’t have a bank account, but do have Internet access or a smart phone- a major gamechanger! ”


19. Todd Ablowitz, co-Founder and CEO of Infinicept

“B2B software providers are discovering new ways to improve and monetize their services and add millions in revenue by becoming payment facilitators (PFs). These independent software providers (ISPs) in countless industries have an opportunity to capitalize on trends and generate new revenue streams by embedding payment acceptance into the software they provide to their clients. In fact, these payment opportunities are often proving to be more profitable than their core software offerings. As a PF, they enable a full-service payment scheme which includes the ability to extend a single point of support to their sub-merchants. Benefits include monetized payments, a more seamless experience, and the ability to add new growth opportunities. Bottom line, in the new world of payments just emerging, software providers are the winners!”


20. David Nachman, CEO of FastSpring

“There are no geographical boundaries for consumers who frequently shop online. The globalization of payments, or the capability to accept global payments and currencies, is a must for businesses across any industry as customers don’t really care about traditional borders when shopping online if and when they can get a better price or item more conveniently. And for many online businesses, it is necessary to work with a trusted e-commerce partner that is committed to helping their company grow globally by virtue seamless cross-border sales.”


21. Lamine Zarrad, co-founder and CEO of Joust

“As the demand for privacy continues to increase, payments will need to be more secure than ever. The lines between a technology company and payment company have blurred; and as our devices become smarter, the payment technology must also get smarter. Multi-step verification, biometric authentication, and fraud detection are just a few examples of technology improving security for the better. Traditional banks are slowly moving in this direction with their mobile apps, but the neobanks of the world are already there.”

 

 

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About Sam Mire

Sam is a Market Research Analyst at Disruptor Daily. He's a trained journalist with experience in the field of disruptive technology. He’s versed in the impact that blockchain technology is having on industries of today, from healthcare to cannabis. He’s written extensively on the individuals and companies shaping the future of tech, working directly with many of them to advance their vision. Sam is known for writing work that brings value to industry professionals and the generally curious – as well as an occasional smile to the face.

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