Transforming Payments Landscape: Trends and Challenges in the Digital Era

Today's payment landscape is evolving rapidly, driven by digital inclusion and innovation. Millennials and Gen Z are leading the shift towards online shopping, with over 40% of all ecommerce transactions done on mobile devices. Seamless payments, strong loyalty, and trust are essential as consumers demand faster, safer, and more secure payment options. Fintech solutions and regulatory measures play a crucial role in ensuring a smooth transition to the new payment paradigm.

• Payments
• Digital Era
• Fintech
• Ecommerce
• Innovation

gillispie_e Follow

Uploaded on Sep 24, 2024 | 0 Views

Download Presentation

Please find below an Image/Link to download the presentation.

The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.

Presentation Transcript

1. EveryPay Payments Institute S.A. Gregorios Siourounis DIGITAL INCLUSION AND INOVATION IN GREECE TODAY PAYMENTS TOMORROW March 2021-GRECA WORKSHOP

2. It is not from the benevolence of the butcher, the brewer, or the baker, that we expect our dinner, but from their regard to their own interest. We address ourselves, not to their humanity but to their self love, and never talk to them of our own necessities but of their advantages. (WN (1776), Book I Chapter II paragraph 3) Adam Smith

3. Driven by Millennials and Gen Z ers Shop online more tha any other gen s (40% of all purchase globally made by Gen Z) Analyze Consumer Habits Go Highstreet as well though Want to order anything from anywhere

4. Over 40% of all ecommerce transactions are now done on mobile devices (total net worth 467bln USD) Forecast for 2021 is that this will rise to 72.9% (more than 1.2trn USD) mCommerce: Shop From Anywhere Mastercard survey for Greece puts it at 39% today and 68% by end 2021 Need? Pay with Card, Cash, Crypto Solution: Payments Aggregator

5. Any physical device can be a Point of Sale But need effortless transition between smartphone purchase and physical stores IoT Need? Elastic Paytech to Allow Seamless E-com and Physical World Connections Solution: Payments Aggregator / Paytechs

6. All move into Seamless Fast Payments Support E- commerce and Physical They Harvest Strong Loyalty GAFAs on Sight Are you prepared? Fast adoption warranted from Consumers Enjoy Strong Loyalty and Trust Offering Seamless Journey And Strong Trust Need? Fintech to Continually Absorb all of them into one Omnichannel Solution: Investment in Fintech

7. 90% of consumers by on site 2021 forecast is that this will go down to only 84% BUT: 73% of customers shop on online and of line. Any Problem? Why? Security is listed as Nr 1 reason for not buying online with Trust on official banking Nr 2! Need: Strong Regulation to implement Faster, Safer and Seamless Payments + Strong Security Assurances Solution: Continues Cyber Security Monitoring / PSD2 Open APIs

8. Global Cyber Crime Will Cost 6trl in 2021 notable breaches? PROBLEM 1: SECURITY 2019: MARRIOT S breach liked 383mln cards 2017: Equifax s breach liked 145mln individual data

9. A PEN TEST LASTS A WEEK TO TWO MONTHS-SNAPSHOT/HACKER CAN ATTACK ANY TIME BEFORE OR AFTER THAT EVERYDAY NEW SECURITY THREATS APPEAR GLOBALLY CYBER CRIME AWRENESS NO VISIBILITY WHAT WAS TESTED AND WHAT WAS NOT ONCE EVERY YEAR PENT TEST? GOOD LUCK HACKERS HAVE UNLIMITED TIME AND RESOURCES! SOLUTION: REAL TIME MONITORING 24/7 AI AND MACHINE LEARNING TECHNIQUES (THE NEW AGE OF CYBER SECURITY)

10. Bypass Card friction: Offer Card on File and recurring options to pay online or offline with QR or any other code Bypass all: Offer use of your Crypto Wallet to pay within your ecosystem (Closed Loop) Problem 2: PSD2 Saves the Game Need: Fintech to offer all of them into one Omnichannel Solution: Payments Aggregator / Paytechs

11. Use Biometrics to strongly authenticate transactions faster than ever PSD2 Saves the With new fintech tools this is very easy: login pass + fingerprint/ or on-screen OTP/ or phase photo Your Pick? Game: YOU SHOULD NOT BYPASS Gets better since if users use your Cobranded Card or Wallet you control SCA (real time refunds AND MORE) Need: Safe Seamless Payments using SCA biometrics options SCA!!! Solution: Paytech to offer out of the box all in one solutions

12. In APP KYC (take your photo holding your ID and Bank account) Pay Everything from Everywhere PSD2 Saves the In APP Account Information of any Bank Account (open APIs) In APP Bill Payment Game: In APP Credit Transfers In APP Crypto Wallets One Stop Shop In APP Savings Management Need: PSP to Connect to open Bank APIs and Schemes and GAFAs and Crypto Wallets Solution: Payments Aggregator

13. Buy Now Pay Later Ecosystem s Offerings to Consumers Not Banked (CoB) Unbanked citizens can use PSPs to buy online/offline In Greece those are 1.2mln out of 9mln adults (>15 years old - EUROSTAT) Need: PSPs to Facilitate Funding and to Give out Payment Solutions outside Banks Solution: Paytechs + Smart Money

14. Maximize Conversion Conclusion? Offer Ample Payment Options Use Agile PSPs