The new way to transact

The payments industry players have broken new ground in the last few years, with many improvements regarding the way people pay in different regions, verticals, environments, and circumstances. This chapter outlines the latest developments within the existing payment methods covered both worldwide and locally, as well as contributions from experts and thought leaders in the industry. Readers will find insights into:

Wallets, mobile wallets and P2P Payment

The e-wallets ecosystem is continuously expanding worldwide, especially Alipay and WeChat Pay, who have initially started with a remarkable footprint in China. The reports cited in this section show that the ‘pays’ dominate more than half of the global supermarket transactions, with mobile payments being made mostly via Apple Pay, Google Pay, and Samsung Pay globally. Markus Bergthaler of MRC confirms not only the adoption of mobile payments, but also the fusion of smartphones and payment that suggests after all, the technological evolution. 

For a more personalised standpoint, we have invited Ant Financial to offer their perspective on building a digital ecosystem of payment for an underserved market. Ecommerce Foundation approaches the security feature, with best practices on how to make the mobile ecommerce payments convenient and safe. 

As regards the B2C payments, Jens Bader, the co-founder of MuchBetter, explains the important role that digital wallets play in this environment, emphasizing on the convenience that brings to the consumer. As the author states, ‘wallets also introduce additional features and services to the benefit of customers and merchants alike such as real-time cross-border peer-to-peer transactions or the ability to stretch payment acceptance across different shopping channels.’ 

Moreover, Sally Baptiste of Consultant Payment Operations Group discusses peer-to-peer payments, stating that, in the US, this might be the next ecommerce trend, based on the consumers. 

The subchapter ends with a mapping of e-wallets, their regional coverage and functionalities, aiming to offer a comprehensive view of what the e-wallets ecosystem means and involves. 

Online Banking ePayments

Online banking payments have become very popular within the European market, with a great focus on customer experience, Luke Flomo,

Trustly’s head of commerce, endorses the online banking ePayments as a good option for both retailers and consumer, by explaining the way this method can eliminate cart abandonment, increase conversions, while unlocking the data potential for all involved parties.

iDeal offers insights into the Dutch market, outlining their roadmap and expansion beyond the Netherlands, and their services that can be used both online and offline. The company further confirms that the Netherlands market comes with great opportunities in the commerce space and with an appropriate testing ground for new ideas to implement.

The section also includes an interview with Javier Santamaría, the Chair of European Payments Council, discussing the latest updates 

concerning the adoption of the SEPA Credit Transfer Inst scheme among banks and PSPs, and how companies involved in the online banking ePayments space are expected to innovate in the upcoming years. 

Other alternatives

Direct debit

This is perhaps one of the most frictionless payment methods, being at hand for the consumers’ recurrent payments when it comes to subscriptions and bills. It is now a great opportunity for merchants as well, as instead of connecting with a bank or Direct Debit bureau, they can partner with a debit provider and connect with the direct debit scheme via an API. SlimPay is a good example in this matter, and Jerome Traisnel, the company’s CEO discusses in his interview the benefits of a subscription-based business, the paint points these businesses struggle with, and the best approach to deal with both advantages and challenges of this model. 

Invoice and pay later solutions

The pay later and instalments options have become widely popular, offering consumers a convenient way to pay. In addition, machine learning has gained a well-deserved spot and role in these initiatives, to help lenders check and approve loans with no risks. Furthermore, both esta-blished and new companies are looking for new ways to innovate and add value to this growing business. Splitit is one of them, and they reveal for us the way they tapped into this process by considering two factors: ubiquity and simplicity.

Cash payments

Are we moving towards a cashless society? Based on a global overview of cash in commerce, our research suggests that, with all the inno-vation in place to facilitate digital payments, cash is still the leading payment method at the checkout. The takeaway here is that retailers are Still enabled to handle cash efficiently and safely, and this is something that will increase even more the attractiveness of accepting cash. 

Cryptocurrencies

The cryptocurrencies space is a wellspring of novelty and controversial elements. On one side, crypto payments have gained a good reputation among consumers, however, on the other side, it has also been subjected to many regulatory discussions. Today, cryptocurrencies are some-where in the middle of convenience and compliance, taking big steps into becoming a trusted currency for all parties involved. Mirela Ciobanu, our senior editor at The Paypers has created a complete overview of the current state of affairs into the crypto world, with updates and trends to watch in 2019 and beyond. 

To further promote the convenient use of cryptocurrencies, PumaPay has created a solution that enable businesses to accept cryptopayment without worrying about volatility and liquidity, these two things being sometimes a trust issue among users. Tapping into blockchain technology gave PumaPay the opportunity to create a flexible environment for both businesses and consumers that make crypto transactions.