The world is a rapidly changing place for payments – consumer payments, B2B payments, cross-border payments. We are very much not in Kansas anymore when it comes to moving funds, and the old rules don’t work nearly so well in digital Oz. Consumers want to be safe – a trick in and of itself in a world where fraud and cybercrime are endemic. But they don’t want to be safe at the cost of being grossly inconvenienced. The new challenge is building a system robust enough to be secure, yet invisible enough so that protection is experienced without being felt.
Data:
$120 trillion to $127 trillion: Estimated volume of B2B payments made between trading partners annually.
$243 billion: Amount laundered through Danske Bank’s Estonian branch.
9 percent: Share of consumers who say “ease of use” is their main metric for judging digital transactions.
40 percent: Share of consumers who think online security can be faster and better.
1 in 60: The number of online transactions that are fraudulent.
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