EBAday 2020: payments innovation on fire

Visa recently launched its Tap to Phone technology, enabling Android handsets to accept NFC payments via an app which will allow users to accept contactless payments within minutes of download. This is now live in parts of Europe, the Middle East, Africa, APAC and Latin America with the US to follow in 2021.

Some believe that such technology will help millions of small and micro businesses quickly access the digital economy, prevent lost sales and improve cash flow, as the world increasingly turns to digital payments amidst Covid-19.

Payments for consumer and business goods and services evolve constantly with options extending from cards to mobile phones to wearables and more. With this comes an increased need for security to ensure transactions are continued to be carried out safely. Multi-factor authentication now comes as a standard, with facial recognition or fingerprint reception being incorporated into verification methods.

Beyond these type of transactions, stablecoins and central bank-issued digital currencies (CBDCs) have the potential to transform further how banks, businesses and individuals send and receive money domestically and internationally. Whatever the fate of Facebook’s much-hyped Libra project, it has certainly lit a fire under the mainstream financial world and challenged what payments should look like in the new age.

Join our digital platform for EBAday 2020 on 24-26 November to discuss, debate and hear about the latest products and services that will shape the industry in the years ahead.