How payments firms are upgrading their service offerings to meet evolving merchant demands
How payments firms are upgrading their service offerings to meet
the velocity of innovation and allowing greater and more efficient integration of activities between financial-services firms and retailers. By creating a transparent nexus of consumer, merchant, and creditor each time a transaction occurs, POS hardware and software startups create additional links into the value chain for MPLs to integrate. These include the cost of buyers and sellers finding each other and making sure that the terms of the deal are to everyones satisfaction and each transaction cost represents a potential delay and a moment at which the deal can be abandoned. He is a director with PwC.
How payments firms are upgrading their service offerings The cumbersome 16-digit credit card account number will give way to multiple types of more user-friendly and secure identifiers, and new intelligent personal financial management tools will emerge. Through tech players such as Apple Pay, American Express and Chase have been at the forefront of large credit card issuers pursuing this strategy of updating account credentials. Eventually nearly all consumers, retailers, and financial-services firms will experience the vast shifts in culture, personal finance, and social mores that emerge from frictionless payments. Another possibility is programs that let travelers check in to a hotel on their mobile phone, bypass the front desk, go directly to their room, and use Bluetooth connectivity instead of a keycard to unlock the door. As frictionless payments take hold, shoppers will be able to make purchases without thinking about which card to use.