Digital payments have become mainstays in the e-commerce landscape, supporting SMBs expand their operations, introducing new customer segments, and making it easier for businesses to access global markets. As the payments landscape advances in the wake of COVID-19, having a sophisticated global payment solution is mandatory for merchants seeking improved checkout conversions, wider consumer footprints, and the ability to offer a frictionless experience.
Today, Buy Now, Pay Later (BNPL) is redefining how consumers make financial decisions at checkout. By allowing the customer to spread payments over a defined period of time, BNPL provides an alternative to traditional credit card payment models. This enables customers to settle the payments in a predetermined number of installments, often at no additional charge or interest. Simultaneously, digital era consumers equipped with smartphones are expecting faster transactions, driving the skyrocketing utilization of new-age payment avenues like digital wallets and QR-based solutions. From a security perspective, payment providers are focusing their efforts on building advanced cybersecurity measures like AI-based authentication prompts or behavioral biometrics based on consumers’ typing or phone-holding patterns to address the most pressing threats and vulnerabilities in their existing payment infrastructures.
In this edition of Banking CIO Outlook, we present to you some of the most promising payment processing companies. The issue features thought leadership articles from Lisa Larson, VP, Payments and Operations at Amplify Credit Union, Jesse Sandoval, Senior Vice President and Interim Acting Director of GTS Global Payments at East West Bank, and Dalibor Sovi, Director of e-commerce at Konzum. The edition also showcases innovative solutions from companies, including Fluid Pay, which facilitates cloud-based payments through its innovative gateway with integrated security, and Electronic Merchant Systems, a business that provides innovative and cost-effective payment processing.
