Emerging Payment Technologies
Advancements in payment technologies have made paying for goods and services faster and more secure in an ever-increasing cashless society. Technology has reinvented how people shop. Customers have come to expect online shopping with next-day delivery, smartphones have enabled purchases anytime from anywhere, not to mention the emergence of wireless speakers where customers are shifting to voice command personal assistants.
The improvement of Artificial Intelligence (AI) throughout the last decade has made the technology more feasible for users. While the concept of AI has been around since the 1980’s, smarter algorithms combined with access to vast amounts of data has led to enhanced customer experiences through adaptive cognitive learning.
So how can payment systems implement AI? The technology can be used to learn patterns and trends, reinforcing security around payment systems. This makes it much safer to process electronic transactions, while building trust in electronic payments. The payment industry already uses AI to assist with the detection and prevention of money laundering and fraud, as well as enhancements to speed up the processing of transactions, creating a safe and seamless experience for customers.
Looking into the future, machine learning is the driving force behind growth and we are likely to see artificial intelligence to continue transforming the payments industry in Ireland.
Evolution of channels and real time payments
The past two decades have witnessed a noticeable evolution in how customers view payments and the payment industry in Ireland. Traditional banking solutions, such as cash, cheques and bricks-and-mortar branches are rapidly evolving. We have seen the rise in the use of debit and credit cards, prepaid and contactless cards, digital wallets and cloud-based payment systems.
Real time payments have gained significant traction, driven by high-speed data networks, customer demand for speed, convenience and instant gratification. The question for the payments industry is whether they are ready and willing to respond to the demand, to upgrade legacy systems and compete with the challenger banks.
New players have entered the market with more competitive rates, guarantee of better service and faster processing. Enabling better cash management and by helping organisations to get paid quicker is hugely impactful to smaller organisations who would normally have to wait for days before a payment reaches their account. As we look across the border to the US and Australasian markets, the rise of real time payments and avenues for processing still have a long way to go here in Ireland.
The rise of mobile payments
Mobile phones have become an integral part of our life. Losing your phone is as important as losing your wallet because we have so much on it. Apple Pay, Android Pay and Google Pay dominate this market, with challenger banks and newer wallets looking for a share in the spoils.
Easy Payments Plus provides an online payment solution that is both easy and convenient for organisations and their customers. This is done through providing a digital payment platform that removes the hassle of having to fill out forms, send cheques or dealing with cash and is available 24/7.
According to a recent report by Visa Europe, 78% of Irish people now use their mobile phone to manage their money and make everyday payments such as bills, parking and going out. Mobile payments are here to stay, and businesses need to adapt or be left behind.