Wirecard Africa believes that the payments industry will be shaped by these five megatrends:
- A move to cashless payments, which will be driven by a further increase in electronic payments supported by regulatory improvements – such as Europe’s PSD2 regulatory framework – as well as the game-changing revolution of blockchain technology that enables electronic processing of cash-like virtual money;
- Advances in artificial intelligence that are reducing payment risks on the merchant and acquirer side while producing convenient new customer-facing innovations such as AI-assisted chatbots, natural voice processing, and facial recognition and biometric identification that are revolutionising the check-out process;
- Expanding mobility driving borderless payments innovation especially for smaller ecommerce companies in developing nations who struggle to access foreign markets due to challenges with multi-currency pricing and cross-border payment acceptance;
- A renewed drive for financial inclusion to bring the estimated 2 billion adults worldwide without bank accounts into the formal economic fold, which in Africa will be driven mostly through innovation in mobile money services such as M-Pesa and WeChat Pay; and
- Attempts to achieve frictionless customer experiences that don’t put stress on the user or require unnecessary information, especially as customer experience becomes the defining differentiator in business.
Read the full article here: iol.co.za