The overall trends I notice for the future are these:
- Acquisitions. Large payment processing companies are acquiring related companies fast so that they can save years in development. Whatever they develop will increase the pressure on us to stay competitive.
- Digital Purchasing. The rate of online purchasing is explosive. All financial institutions are designing their futures around digital payment as the majority of all purchases.
- Security is a risk for transactions and will continue to develop, and this may create a need for new POS systems at merchant locations. POS devices may frequently change as new authentication and security technology is invented and introduced. Merchants increasingly want mobile POS devices to go to customers without waiting for customers to come to them.
- AI. More of what we do will be guided by Artificial Intelligence and machine learning.
- Cryptocurrency, especially something like stablecoins, will become a regular digital form of payment.
- Contactless purchases will continue to be important for public health, so some form of EMV card technology will continue.
- Farther off. In the more distant future, consumers will be enabled to purchase anywhere, anytime, and technology will adapt. Whether they are in their cars, using VR headsets to visit virtual stores, or chatting with smart speakers in their homes, they will be able to authorize payments that need to be processed in ways that are not yet available.
Tony Shap, Quantum’s Payment Technology Officer, has spent more than a decade as an electronic payment expert, helping businesses of all sizes grow by using automated payment systems to accelerate their financial success.