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2025-01-18 Update From: SLTechnology News&Howtos shulou NAV: SLTechnology News&Howtos > Database >
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Since its inception, money and the idea of exchange through payments have developed considerably. From commodities to grains, from metal coins to paper, from bank accounts to electronic wallets, money has assumed a variety of shapes, sizes and forms. Payments evolved from barter systems (grain commodity exchanges) to token systems (coin and note exchanges), to cash pools (bank accounts and deposits), to cashless payments (credit cards, checks, electronic wallets). Payment technology has grown at a dizzying pace over the past decade or so.
Payment services are evolving rapidly, with new providers, new platforms, and new payment tools. As consumer behavior evolves, people expect omnichannel e-commerce-the ability to make payments the same way, whether purchases are made in stores, online or via mobile devices. This shift has prompted retailers to adapt to fast, simple and secure mobile payments.
In 2017, the payment industry will be in a state of transition. The ongoing war with alternative payment channels will intensify, and challenges in emerging markets will force incumbents to take drastic measures. Some key drivers are:
1. Real-time payments: RTP represents a new phase of development within the payments industry with several key features that differentiate it from current payment methods, notably speed, value-added messaging capabilities and instant availability of transaction status. RTP will provide innovative/customer-responsive functionality/features to financial institutions.
2. Distributed Ledger Technology (DLT)/Blockchain: Blockchain has the potential to completely change the financial transaction processing cost model in its various applications. It also enables all processing to be done over a distributed system network or in the cloud, eliminating the need for expensive data centers or mainframes.
3. Scaling payments with non-physical interfaces: Traditional interfaces are challenged by external stakeholders (Amazon, Google, Facebook, and Apple) in two main ways: voice assistants and VR. Connected assistants become smarter and add functionality by enhancing NLP and image recognition capabilities. With the development of voice-first solutions, long-term relevance can no longer be guaranteed for physical interfaces, especially mobile devices. Because Facebook is obsessed with killing smartphones to own virtual space, classic interfaces and solutions developed for them will gradually fall out of favor.
4. Unified platform: NPCI launched its first visa-free Visa /MasterCard/ SWIFT payment system, the Unified Payments Interface (UPI), in 2016. UPI is an open-source platform designed for the mobile era that makes it easy to integrate various payment platforms. UPI is supported by a single payment API and a set of supporting APIs. UPI provides a completely new model of the ecosystem of the financial services industry. UPI became the starting point for what SWIFT calls the path to a single payment platform. The UPI is the benchmark for where the payments environment should go in an oversaturated payments ecosystem, where too much "pay" doesn't win anyone. A disjointed experience across businesses creates customer confusion, and finally, due to a limited customer base, this limits opportunities for each existing and new payment service provider. SWIFT professionals stress that the payments industry must migrate from numerous aging and expensive systems and solutions to a single platform to process all payments. However, providing customers with a single payment experience (based on seamless system interoperability, comparable to mobile phones) is more likely to achieve the future than a single payment platform.
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