Payment Trends 2018

Posted on Posted in Blog

We all have been reading about Blockchain, Artificial Intelligence, Robotic Process Automation, Contactless Payments, Real-time processing etc., the technologies that are shaping the payments trends in 2018. Let’s get to know what pain areas they address and what challenges they face as of 2018.

 

Technology / FeaturePain areas addressedChallenges
Blockchain & Distributed Ledger Technology

Long processing times, Intermediaries charging big fees, Frauds and errors in transactions

Lack of regulation and standardization

Artificial Intelligence

Inefficiencies in payment process, Issues in reconciliation, Late fraud detection

Lack of computing resources

Robotic Process Automation

Time and resources spent on routine and repetitive manual tasks

Risk of creating silos

Contactless Payments

Long waiting times

none

Real-Time Processing

Long Processing times

Minimal Sanctions Screening Time, Weak customer authentication

Open Banking

Users restricted to avail services from one provider.

Consumer’s willingness to embrace

Biometric authentication

Remembering passwords

Security, can’t be a standalone solution

 

Sources

  1. https://www.finextra.com/surveys/survey.aspx?surveyguid=403a25b2-a5a7-4a90-9924-cc237e6250f7
  2. https://www.accenture.com/in-en/insight-financial-services-robotic-process-automation
  3. https://www.huffingtonpost.com/entry/the-biggest-challenges-facing-artificial-intelligence_us_59afd047e4b0d0c16bb528d3
  4. https://www.pymnts.com/news/b2b-payments/2016/dion-payments-real-time-europe-regulation-compliance-faster-psd2-bank-financial-institution/
  5. https://www.computerworlduk.com/applications/is-2018-year-that-open-banking-becomes-reality-in-uk-3653824/