PAYMENTOLOGY
Today, tapping a card, phone or wearable is second nature for most of us. The next phase of convenience is causing a seismic shift in the fintech industry. Embedded finance is making payments almost invisible, forging close integrations between the platforms that accept payments, and the infrastructure that enables payments. In services like ride-hailing apps or online shopping, payments are becoming a background process, with users only needing to authenticate purchases through biometrics. This frictionless experience has set a new benchmark for consumer payments experiences, enshrining convenience as the determining factor for customer loyalty. New use cases for cards are now emerging, including direct card-to-card transfers and messaging app-based mobile wallets, boosting access to financial services and embedding payments throughout everyday life. CULTIVATING CONFIDENCE IN DIGITAL PAYMENTS Confidence is the backbone of any payment system. However, as more payments move to digital platforms, the risk of fraud is increasing in turn. During 2022, card fraud in the UK alone totalled over £556million, a year-on-year increase of six per cent. While consumers are typically protected
Preventing fraud at its source is key. Tokenisation, the replacement of sensitive card information with secure tokens, is fortifying transactions against bad actors by ensuring that stolen data is useless to fraudsters. Advanced fraud detection systems are also becoming more sophisticated, using AI-powered data analytics to identify and block suspicious activity before it affects consumers. For users, the ultimate confidence booster is a seamless resolution process. Issuers and payment providers must design systems that not only prevent fraud but also simplify chargebacks and refunds when issues arise. From the first cardboard credit card to today’s embedded payment processes, the journey of card payments has been one of relentless innovation SHIFTING CONTROL TO THE DIGITAL CONSUMER The future of payments isn’t just about speed; it also gives users full control over their money. Innovations include hybrid cards, which allow users to switch between debt and credit functions or currencies, while virtual cards offer single-use options for added security. In Hong Kong, digital bank Mox has introduced an all-in-one card that enables users to toggle between debit and credit accounts seamlessly, demonstrating WHAT WE DO The next-gen global issuer/processor Paymentology is deeply committed to increasing financial inclusion worldwide, and to making a positive impact in the communities in which we operate. us apart as the leader in payments. Our payments experts bring deep, local market knowledge on the ground in 60 countries, across 14 time zones, guaranteeing 24/7 support.
the potential for payment solutions to further adapt to individual user needs. Tokenisation also enhances user control, enabling precise spending limits and transaction-specific customisations. Whether it’s setting caps on online shopping, pausing subscriptions or blocking specific merchants, users can tailor their payment experience to fit their lifestyle. PIONEERING NEW FRONTIERS IN USER EXPERIENCE From the first cardboard credit card to today’s embedded payment processes, the journey of card payments has been one of relentless innovation. But what has driven this evolution isn’t just technology: it’s a focus on improving the end-user experience. As payments become increasingly seamless, personalised and secure, the fintech industry’s roadmap promises even more exciting card products. At the heart of this transformation is a steadfast commitment to convenience, confidence and control. By prioritising these pillars, the payments industry is creating a future where the experience matters more than the card itself. For more information about Paymentology and how to launch a card programme, visit: ‘ The 3-Step Blueprint for Building a Successful Card Programme .’ This comprehensive guide is designed to empower digital banks and fintechs to build and scale card programmes that resonate with today’s digital-first consumers.
against fraudulent transactions, the experience of resolving these issues is often stressful and slow.
WHO WE ARE
AT A GLANCE
Paymentology is the leading next-gen cloud-native global
COMPANY: Paymentology FOUNDED: 2015 CATEGORY: Payments KEY PERSONNEL:
issuer-processor. We provide digital banks, retail banks, fintechs and telcos the technology, team and experience to easily issue and process any type of physical or virtual card; debit, prepaid, credit and more. Anywhere in the world, rapidly and at scale. Our superior multi-cloud platform offering both shared and dedicated processing instances, vast global presence, and richer real-time data set
Stephen Bowe, chief product officer (right) HEAD OFFICE: United Kingdom LOCAL PRESENCE IN: UK, Africa and the Middle East CONTACT: info@paymentology.com WEBSITE: www.paymentology.com LINKEDIN: company/paymentology X: @Paymentology
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THE PAYMENTS POWER 50
www.thepower50.com
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