As the end of the year draws near, it’s important to keep thinking about what trends are set to guide the course of the complex payments industry.
In particular, the global nature of payments will continue to shape the evolution of payments in 2020, as will trends like an increase in SaaS open payment platforms and an emphasis on fraud-proof platforms.
Here’s a deeper look at where payments are headed as the calendar turns to 2020.
What Trends Will Impact 2020?
Globalization of Payments
Globalization continues to move thinking toward international efforts, presenting challenges for SaaS companies with the desire to match that expansion, but not the capabilities. However, a tremendous opportunity exists for payment facilitators to leverage this economic widening to offer a path toward service beyond simple facilitation.
Competition Between Closed and Open Source Platforms
The battle for consumer confidence between closed and open payment platforms will rage on, and proprietary products and extended financial infrastructures are expected to be key parts of that competition.
Continued Development of Global Compliance Standards
While complying with the Payment Card Industry Data Security Standard is already critical, new payment rails, even more, open solutions entering the market and an increase in cross-border transactions will continue to force the development of global industry standards regarding messaging, interfaces, integration, transaction risk, authentication, privacy, RTP and more.
Further Reliance on Cloud Solutions
Consumers will continue to expect further cloud integration moving forward, meaning software developers and payment facilitators will likely have to keep up to earn their business3. Additionally, IoT payment will continue to add more use cases, recurring and installment payments shall remain in high demand, and Android devices will offer extensible payment and software integration.
How Can Payment Facilitators Utilize These Trends?
As globalization and a desire for modern, integrated solutions continue to rise, payment facilitators can stay steps ahead.
By utilizing customer experience and an aligned payments strategy to reshape organizations, processes, and technology, building out physical and digital infrastructure, and improving customer engagement and simplification, facilitators can ensure they satisfy customers and maintain a position at the forefront of the industry.
Developing products and services that attract customers through competitive prices and impactful experiences, keeping growth models scalable and designed to grow with customer desires, and continuing to maintain compliance with both existing and soon-to-come industry standards will also help facilitators ride the wave of industry change, not fall behind.
At Amaryllis, we’re committed to removing technology barriers for achieving faster growth and delivering a customizable, scalable and API-driven payment engine, built specifically for the unified-channel platform economy servicing third-party and complex payment models that will far exceed expectations into 2020 and beyond.
To learn more about our Intelligent Payment Facilitation® Platform, visit https://www.amaryllispay.com/platform/.