Expleo- IBSI’s whitepaper explores the rapidly changing digital payments landscape
By Megha Bhattacharya
In today’s digital payment ecosystem, payment platforms are about payment infrastructure availability, compliance with local and global regulatory and messaging standards, and collaboration. As the global digital payment landscape rapidly changes, innovative solutions are being brought forward for retail and wholesale customers. Over the last few years, the global payments revenue has been growing consistently at 6-8% across geographies.
The ongoing COVID-19 pandemic has led to a reduction in cash transactions and physical contact due to social distancing norms, along with an increase in digital transactions across both developed and developing countries.
Expleo Solutions and IBS Intelligence have collaborated on a whitepaper that explores the growing importance of digital payments, its dynamics, drivers, challenges, and future outlook. It further highlights the typical components of an online payments ecosystem and interesting industry examples of online payment platform implementation.
The whitepaper also elaborates upon the typical challenges faced by financial institutions and payment providers, including reducing the cost of payments, the importance of maintaining customer engagement and loyalty, fraud management and enhancing data security. Furthermore, the whitepaper points out the initiatives undertaken by financial institutions to tackle the challenges, find newer ways to stay on top of new technologies, ensure newer ways to stay on top of new technologies and ensure a superior customer experience.
There is an enhanced regulatory focus worldwide to make digital payments for retail and corporate/bulk seamless. The common areas of focus for regulators are to ensure quicker payments, greater transparency on costs, real-time payment statuses and improved customer experience. Open Banking, SWIFT GPI, ISO20022 messaging and PSD2, Immediate Payments are some of the recent initiatives that help achieve these goals.
The COVID-19 pandemic has led to steady growth in digital payments across geographies and countries. Going forward, technology is expected to play a critical enabling role in evolving business models that would drive digital payments growth. So, if cash was the king, digital is now divine!
For more insights on the Digital Payments whitepaper, click here .
IBSi Daily News Analysis
March 01, 2024
Banking Sector and regulatory framework: addressing India’s growing demand for secure lockersRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage