The PYMNTS team caught up with experts in the payments field to ask them their views on industry trends, predictions for the coming year and what their ideal payments system looks like.
Christian Spaltenstein, general manager of the Americas for AFEX, expounded on the growth of the payments industry across borders.
“One of the biggest trends we see right now is the democratization across payments, which is what comes with the Internet – what was once part of big banks alone has now become a global phenomenon, with customers now, all over the world being able to use services, across the spectrum,” said Spaltenstein. “Where people in some countries may once have not been able to have a bank account now they are able to make payments, for example, using a mobile wallet.”
Continuing trends will definitely be technology, projected the executive. “It will be a movement, and a continued one, toward linking up between parties within payments, about integration and partnering up. With everyone introducing new products, even the biggest companies are willing to speak to anyone to get new ideas out.”
“Products need to be created for specific channels and specific customers, and networks need to be built that support the continued movement to the ability to move money from one place to another. Again this speaks to the continued partnering up between firms. Someone in Nigeria can use a bank account, now, using the Internet. There are a lot of problems that payments and technology can solve. Some examples include bitcoin and blockchain, which support continued globalization.”
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