Payment and card solutions experts foresee several influential trends shaping the market’s growth in 2023. One prominent trend is the shift towards mobile payment mechanisms and digital wallets, as more consumers become comfortable conducting transactions on their mobile devices. Another factor driving the evolution of payment systems is the rise of contactless payment technologies such as Near Field Communication (NFC) and Quick Response (QR) codes. These technologies enable expedited, more convenient transactions, catering to the increasing demand for swift, hassle-free payment methods.
There is also an anticipated surge in demand for secure payment options incorporating biometric authentication techniques like facial recognition or fingerprint scanning. This trend aligns with the growing emphasis on security in financial transactions. Furthermore, adopting blockchain technology can transform payment processing by instituting a decentralised system that eliminates intermediaries and increases security. Together, these trends indicate a future where payment solutions are designed with a strong focus on convenience, security, and efficiency.
This issue of Banking CIO Outlook showcases noteworthy advancements in the payments and card solutions providers’ market. It spotlights the rise of proficient solution providers across Europe and emphasizes the remarkable growth of the sector, even in the face of market constraints caused by several geopolitical issues plaguing the business landscape.
It covers PayEye, a company offering payment technology, including its proprietary eyePOS, a mobile app and algorithms that convert the iris and face into a biometric pattern.
The magazine includes insightful perspectives from Marc Butterfield, Sr. Vice President at First National Bank of Omaha, and Ryan O’Holleran, Director of Enterprise Sales, EMEA, Airwallex. They each express opinions on the latest developments in the sector and shed light on the potential future of payments and card solutions.
