There are massive numbers of articles, Podcasts, Ted Talks, Youtube videos, Conference Speakers, etc. on payments and the coverage of both Real-Time and GIG Payments is huge. It is important to do the homework and get through as much as you can. Some are better than others but I am not referring to the common yardstick of great orators as a criterion. I am talking about content and true understanding.
There are many comprehensive websites and podcasts to source information, and if you are diligent you can find a lot of other independent insightful people. Sites including PYMNTS.COM, PaymentsJournal.com, Paymentsforum.uk, plus consultants including E&Y, Deloitte, Accenture, and those of various jurisdictional regulators and Payment Associations provide a dearth of material.
There are many stakeholders in payments and outside of the more visible topics including crypto-currency, blockchain, and global/cross-border, some of the most important sub-topics include fraud and theft, cyber security, privacy, risk management, KYC, AML and sanction screening. All of these have been the focus of the industry for the last two to three decades.
But for “Hot Topics in Payments”, below are a few excerpts that provide a sense of topics that have been and will continue to be under discussion about both GIG Payments and Real-Time Payments. Both of these areas are the future for the next two decades.
11FS
Chris Skinner
Oct 2020
Are our payment systems irrelevant?
“The fact is that our current financial system is creaking at the seams. This is obvious. From the days and weeks it takes to sometimes make an international payment to the FinCEN documents that demonstrate our complete incompetence at tracking and tracing financial crime, the current financial system does not work.
It’s broken and inappropriate for a 21st century economy.
Now, admittedly, I’m aware that the card companies, the infrastructure firms and the network processing institutions are all upgrading, updating and renovating but – and this is the point of The Economist’s article – if you start anew, you have an advantage. …”
Bank Innovation
Grace Noto
July 2017
Virtual Payments Are Needed to Keep Up with Gig Economy Workers, AmEx Says
“Plastic cards just aren’t going to cut it anymore for workers in the “gig economy,” and businesses have to be ready…”
The Financial Brand
Arcady Lapiro
Sept 2020
Tailoring Banking to the Needs of Today’s Gig Economy Workers
“…Yet this is a niche waiting for someone to serve with tailored products that can assist with the real-time cash management needs of gig workers while also providing robust banking offerings.”
Gig Economy Finance 101 for Financial Institutions
“…For example, instead of a direct deposit paycheck, they are often paid by the job — sometimes on the day of their work. … Historically, many of these individuals have been part of the 25% of the population that is either unbanked or underbanked. As unemployment spreads, this may change, but the needs of people earning their living this way will not. While Uber and other gig employers allow frequent cash outs, that cash must go somewhere, and Venmo and Square are limited in their capabilities for enabling the making of payments to utilities, mortgage companies and other retailers. …”
Does Your Core System Stop You from Meeting Gig Workers’ Needs?
“Many institutions’ technology relies on what their core system offers. … The only solution may be finding ways to add technology to the institution’s existing core. Why shut out an entire customer segment if you can easily add services in a cost-effective manner to increase your institution’s chances of earning new business during a time where many are struggling?…”
Raddon
Becky Summers
Sept 2020
Are Financial Institutions Keeping Up With Consumer Behaviour Changes?
“…But the bigger story is the long-term behavioural change. As part of the SpendTrend Special Report, consumers were asked if they expect their increased use of the mobile channel to be a permanent habit. More than 60 percent of respondents said yes.
During the early months of the pandemic, mobile wallet usage increased by approximately two times as brick-and-mortar stores shifted to pickup or online. …
Payments Canada
Published: September 24, 2020
Global real-time payments inspiration
“ … let’s look at the launch of real-time payments in the United States and Australia and take stock of where these systems are today. Not only have these two countries inspired us along the way, they’ve also given us a glimpse into the demand and opportunities that lie ahead, …”
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