Monica Jasuja’s Post

From slow and clunky to fast and efficient. The payments industry is transforming, and here’s why. The best part about running a startup that helps international payment companies expand their businesses is the many conversations I have, where the perspectives vary greatly depending on the regionality, economics, and maturity of their markets. After those conversations, I frequently sit down and think about what is happening and how it impacts the payments industry. Here are the 5 trends I have noticed for quite a while, which seem to be accelerating. 1. Consumers and businesses are ditching cash for digital payments, a trend that has been accelerated in the last few years. Because of that, there is now an even larger demand for contactless and remote payment solutions, pushing us towards more innovative approaches. 2. Real-time payment systems are on the rise. It is not just the United States, United Kingdom, or Europe, but more and more countries from LATAM to Asia, are jumping on this trend to make instant transfers a reality. Cutting down settlement times and boosting cash flow for businesses, making speed and efficiency in transactions an essential and not just a nice-to-have anymore. 3. Mobile payment solutions are booming, especially as smartphones are everywhere. These mobile wallets and apps offer convenience and security and are already responsible for almost 50% of all digital transactions. As a result, we are seeing the level of security increase as well, as biometrics and other data points are easier to collect and use to secure transactions. 4. Cross-border payments are getting a serious upgrade. As global commerce grows, innovations cut costs and complexities, making international transactions easier. As more businesses than ever, are operating globally, the need for systems that allow for smoother and more cost-effective operations will continue to grow. 5. Regulatory changes are also reshaping the landscape. Governments are updating regulations to ensure security, privacy, and competition. While Europe has been leading the way in setting the policies payments companies and their merchants must follow, this is now also being adopted in other regions of the world. This means that companies need to focus more on understanding local and regional requirements to provide a seamless payment experience. Overall, we are seeing a number of trends impacting payments. The question will be whether providers can keep up with these changes. As the co-founder of Silverflow, I frequently share my insights and observations on payments and how we can foster more innovation. If you appreciate that, feel free to connect with me, and ask me any questions you might have.

Interesting digital payment facts... The adoption of digital payment apps has continued to grow, with over 90% of consumers now using some form of digital payment. The leading categories are online purchases, in-app payments, and in-store digital payments, with the latter seeing particularly strong growth among younger consumers. There is a trend towards consolidation, with consumers increasingly relying on a single digital wallet rather than maintaining multiple ones. Security and trust in the provider are the top criteria for consumers when selecting a digital wallet. Large tech companies have been narrowing the trust gap with banks when it comes to digital payments. While banks still have an advantage, tech firms have been gradually improving consumer perceptions. Fintechs, on the other hand, have seen the steepest decline in consumer trust. Buy Now, Pay Later (BNPL) services have seen rapid adoption, with 29% of consumers reporting using them in the past year. However, the pace of BNPL adoption has started to slow. BNPL is displacing credit and debit card usage for many consumers. Looking ahead, key trends include the rise of biometric authentication, the increasing influence of Gen Z as a tech-savvy consumer segment, the growing adoption of mobile point-of-sale (mPOS) solutions, and the emergence of voice-based payments. What is your prediction for digital payment apps in the future?

The evolution of digital payment methods The evolution of payment methods is reshaping the way we pay, but how do merchants handle this constant change on a global scale? The past few years have seen an explosion in alternative payment methods (APMs) available to consumers, driven by rapid advancements in technology, growing consumer expectations for seamless experiences, and increased awareness of data privacy. With a myriad of options like digital wallets, cryptocurrencies, and mobile payment apps, consumers now expect the flexibility to choose how they pay. For large merchants, managing such a diverse ecosystem of payment methods can seem overwhelming. However, there are strategies to ensure a smooth integration and management of these options, ultimately providing the best customer experience: Partner with a reliable payment orchestration provider: A well-established payment orchestration platform can handle hundreds of APMs on a global scale, providing merchants with a unified platform for easy management, reduced operational complexity, and region-specific security features. Prioritize popular APMs: Focus on integrating the most widely-used APMs in your target market, while also keeping an eye on emerging trends to stay ahead of the competition. Optimize user experience: Seamless integration of APMs into your existing checkout process is crucial. Design user interfaces that cater to various preferences and devices, ensuring a frictionless payment experience for all customers. Prioritize security and compliance: As you adopt new payment methods, be vigilant about maintaining strict security standards and staying compliant with relevant regulations to protect your business and customers. Stay agile and adaptable: The payments landscape will continue to evolve. Be prepared to iterate on your payment processes and adopt new technologies as they emerge to stay relevant and competitive. By proactively managing the integration of alternative payment methods, large merchants can unlock new opportunities, provide better customer experiences, and stay ahead in the rapidly changing world of commerce. Source Ali Ahmed #fintech #payments #digitalpayments Enrico Molinari Florian Graillot Monica Jasuja Monica Millares 🎙️ Arjun Vir Singh Miguel Armaza Lex Sokolin Alex Jimenez

🌍 Exploring Real Time Payment (RTP) Monetization Models Worldwide 📊 I've taken a look at RTP & Account to Account (A2A) models across the world, and there are a few interesting trends. The banked population %, and reliance on cash dictates product structure, seem to drive innovation in traditional payment rails. 🌐 In the USA, Scandinavia, and other parts of Europe, where > 80% of the population is banked, payment methods such as digital wallets storing card details are prevalent. 🌐 In areas like SEA, India, and parts of LATAM, where a big % of the population is unbanked and has high cash reliance, A2A methods & E-Wallet are popular. And in many cases third-party apps have seize opportunities to serve the unbanked with tailored solutions. 🌏 Regional Observations: 📌 SEA: E-Wallets dominate real-time payments, resembling India pre-UPI era. Encouraging a shift to A2A payments could parallel India's success with UPI. 📌 Scandinavia: MobilePay and Vipps lead instant payments, offering streamlined card-based transactions with PIN authentication. 📌Rest of Europe: Integration within banking apps or standalone apps like Twint characterizes A2A payment services. 📌 LATAM: Evolving infrastructure like Pix and PLIN in Brazil and Peru showcases the growing demand for real-time A2A payments, while E-Wallets remain popular in regions like Mexico. 💡 Monetization Insights: In most cases of A2A payments (such as UPI) the end user enjoys free service, while merchants or entities bear transaction fees. For instance, Pix charges 0.33%, while Twint charges 1.3%. However, Blik has a unique approach, charging merchants $0.10 per transaction and consumers $0.15 per transaction plus 1% of the purchase value. 📱 Trending Features: 📌 Mobile Numbers as Identifiers: Across models, mobile numbers serve as primary identifiers for money transfers, enhancing P2P payment convenience. 📌 Scan & Pay vs. Tap & Pay: QR codes are gaining prominence globally, simplifying transactions, especially in regions where NFC-enabled devices are less prevalent. 🌐 Empowering Global Transactions through interoperable QR codes So what are the next innovations in RTP & A2A payments? The next steps seem to be Interoperable QR's powered by bilateral agreements between regions: Tourists do most transactions offline. And we've established that the world has moved more towards Scan & Pay vs Tap & Pay. In fact foreign payment enablement on QR is something ASEAN has already done with their interoperable QR code system. ASEAN has signed bilateral cross border agreements for pilots within RTP and included QR's as an extension of these to enable payment in local currency. To read the full article, and other pieces like this click and subscribe here: https://lnkd.in/gSi-BHJD 🚀 #DigitalPayments #Fintech #GlobalTrends #GlobalPayments #QRRevolution 💳🌍

Terms and Terminologies commonly used in the Fintech and Payments Industry. PART 4 26. Refund: The process of returning funds to a customer's account for a cancelled, returned purchase and partial Service. It can be full refund or partial refund of the transaction amount. Examples are when a customer pay excess for a value of Goods, returned goods to a shop due to damages or when service is not reminder complete based on the agreed time frame in the likes of hotel where a customer paid for 15 days but end up spending 10 days. The different between refund and reversal is that a refund is the process of reimbursing somebody for a transaction which has already been completed while Reversal refers to situations where a client has sent the money and value was not given as the amount is yet to impact the Merchant account. 27. Tokenization: The process of replacing sensitive payment card data with unique identification symbols (tokens) to enhance security and protect cardholder information. Tokenization makes it more difficult for hackers to gain access to cardholder data 28. USSD or Unstructured Supplementary Service Data: is a protocol for mobile phones that can be used to send money and perform value added services by inputting the merchant account number, transaction amount and PIN for payment, phone number for airtime and data and other bill payment. USSD services are typically accessed using a code that starts with * (star) and ends with # (hash), and runs over the phone network rather than requiring data and the internet. 29. Blockchain: A decentralized and distributed digital ledger that records and verifies transactions across multiple computers, providing enhanced security and transparency. Blockchain is ideal for delivering information because it provides immediate, shared, and observable information that is stored on an immutable ledger that only permissioned network members can access. A blockchain network can track orders, payments and accounts. 30. Payment Gateway: A service provider that connects merchants' payment systems to the payment networks, enabling secure transaction processing. payment gateways sit between buyers and payment switches, aggregating payment methods for merchants and also can offer multiple payment options to a merchant’s customers. In other words, it is a company that acts as an intermediary between merchants and payment networks, facilitating secure online payment transactions. 31. Customer onboarding: Registration on new merchant in your payment gateway. For financial businesses to take on new customers, there are requirements to Know Your Customer and Know Your Intermediary – or soon, Know Your Identity. While the onus currently falls on the bank or financial institution to find out if you are who you say you are.

🚀 Fast Payments #4: Deep Dive into UPI - India's Digital Payment Revolution 📱 Let's explore the game-changing Unified Payments Interface (UPI) in India today, a system that has completely transformed the digital payment landscape. 🌟 Developed by the National Payments Corporation of India (NPCI), UPI is an instant real-time payment system that has made inter-bank transactions a breeze. With over 60% of digital retail transactions in India already being conducted through UPI, it's no surprise that it is predicted to capture a staggering 90% of retail transactions by 2028. 📈 At its core, UPI combines the Payment Markup Language and a standard for interoperable payments, forming a robust architecture that facilitates seamless transactions between users and banks. 🏛️ Let's delve into the key components of UPI's architecture: 1️⃣ User Interface: UPI apps like Google Pay and PhonePe provide users with a user-friendly platform to initiate transactions effortlessly. 💁♂️ 2️⃣ Payment Service Providers (PSPs): Banks and other entities act as PSPs, offering UPI-based services to their customers, ensuring widespread accessibility. 🏦 3️⃣ UPI API: Serving as a vital link between UPI apps and banks, the UPI API ensures smooth communication and secure exchange of transaction details. 🔄 4️⃣ IMPS: Integrated with UPI, Immediate Payment Service (IMPS) is the technology that enables 24/7 instant transfers, enhancing the speed and convenience of transactions. ⏰ Curious about how UPI actually works? Let's break it down step by step: 1️⃣ Transaction Initiation: Users can start a transaction by entering the recipient's UPI ID or payment address or by simply scanning the QR code in their UPI app. 📲 2️⃣ Authentication: To ensure the security and integrity of the payment process, users verify the transaction by entering a secure PIN, adding an extra layer of protection. 🔒 3️⃣ Transaction Processing: The UPI API comes into play, facilitating seamless communication between the sender and receiver bank's systems, ensuring the accurate exchange of information. 📡 4️⃣ Completion: IMPS processes the transaction instantly, allowing for real-time settlement and notifications, providing a seamless experience Imagine two friends, A and B, who want to split the bill at a restaurant. A can create a QR code for B to scan and initiate the payment. B scans the QR code, and the payment is instantly transferred from B's account to A's account. This process eliminates the need for digital wallets, credit and debit cards, making the transaction fast, secure, and convenient for both parties. 💥 UPI represents a leap in digital payments, combining speed, security, and simplicity. It's an embodiment of financial inclusion and innovation. Stay tuned for more insights on UPI.! #fintech #fastpayments #digitalbanking #upi

Integrating an easy online payment system yields powerful benefits ⭐ Discover a world where payments are effortless with Fintech solutions that ensure convenience. 📱 Mobile Wallets: Make purchases through a simple tap on your smartphone. M-Pesa in Kenya has paved the way for financial inclusion globally, making transactions cashless and cardless. 💳 Contactless Payments: Utilizing NFC technology, touch-and-go payments ensure lightning-fast checkouts. Simply hover your phone or card near a reader to process your payment. 🔍 QR Code Payments: Spotting these black-and-white squares everywhere? Scan, enter the amount and pay—it's that simple. 🌐 Open Banking: It allows third-party apps to access your financial data—with your consent. Gain a holistic view of your finances, switch bank accounts effortlessly and receive personalized financial advice. 🤖 AI in Finance: Ensures personalization, efficiency and security. From robo-advisors managing investments to chatbots answering financial queries, AI simplifies money management. Be inspired by the future of effortless transactions. Integrate corporate and online payment solutions by APS to enable effortless payments for your clients. Talk to us on LinkedIn or email us at [email protected] to learn about reliable payments. Visit our website at aps.money for more online payment solutions.

🇨🇳 Insights into China's ever-evolving payment landscape 🇨🇳 As China's payment landscape continues to transform at an astonishing pace, understanding the latest trends and navigating the complexities of high-risk industry transactions has never been more critical. Today, we delve into the most popular payment methods reshaping commerce in the world's second-largest economy and explore solutions tailored for high-risk merchants. 📱 1. Mobile payments: China's shift towards a cashless society is driven by the unprecedented rise of mobile payment platforms. Alipay and WeChat Pay dominate the market, making everyday transactions seamless. These platforms offer a range of services, from peer-to-peer transfers to online shopping and bill payments, all secured through advanced encryption and biometric authentication. 💸 2. Digital wallets: Digital wallets like Huawei Pay and Apple Pay are gaining traction, providing consumers with convenient and secure payment options. These wallets integrate seamlessly with other financial services, offering a comprehensive solution for both online and offline transactions. 🤳 3. QR code payments: QR code payments have become ubiquitous in China, enabling quick and easy transactions across retail stores, restaurants, and even street vendors. The simplicity and efficiency of QR codes have made them a preferred method for businesses and consumers alike. For high-risk industry merchants, such as those in gaming, forex, and adult entertainment, navigating China's payment landscape presents unique challenges. These industries often face higher fraud rates, regulatory scrutiny, and difficulties in obtaining payment processing solutions. Traditional banks and payment processors may shy away, leaving merchants in need of specialized support. We understand the intricacies of high-risk industries and the importance of reliable, secure payment processing solutions. We offer tailored services to help you: 🙅♀️ Mitigate fraud: Our advanced fraud detection recommendations reduce the risk of chargebacks and fraudulent transactions. 👊 Ensure compliance: Stay ahead of regulatory requirements with our compliance support and expertise. 🤑 Enhance payment options: Integrate seamlessly with leading mobile payment platforms and digital wallets. 📈 Boost conversion rates: Optimize your payment processes to improve customer experience and increase sales. Are you a high-risk industry merchant struggling with payment processing in China? Contact us today to discover how our specialized solutions can help you navigate this dynamic landscape and secure your business's future. Let's tackle these challenges together and unlock new opportunities for growth. Send your message to 📧  [email protected] 📧

𝗡𝗮𝘃𝗶𝗴𝗮𝘁𝗶𝗻𝗴 𝘁𝗵𝗲 𝗘𝘂𝗿𝗼𝗽𝗲𝗮𝗻 𝗠𝗼𝗯𝗶𝗹𝗲 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗥𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻: 𝗞𝗲𝘆 𝗜𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗳𝗿𝗼𝗺 𝗔𝗿𝗸𝘄𝗿𝗶𝗴𝗵𝘁 𝗖𝗼𝗻𝘀𝘂𝗹𝘁𝗶𝗻𝗴 𝗔𝗚'𝘀 𝟮𝟬𝟮𝟰 𝗥𝗲𝗽𝗼𝗿𝘁 In the ever-evolving landscape of European mobile payments, Arkwright Consulting AG's latest report offers a comprehensive analysis of the industry's status quo, success factors, and future scenarios. With expert interviews from leading players like Bizum, BLIK, and Vipps/MobilePay, the report provides invaluable insights for banks, merchants, and investors looking to capitalize on the growing digital payment ecosystem. Key Points: 📘 The report highlights the importance of comprehensive coverage across payment channels (P2P, ecommerce, POS) as a key success factor for mobile payment solutions. 📘 It underscores the role of a favorable market environment with limited alternatives and strong collaboration among local banks in the growth of mobile payment methods. 📘 The emergence of the European Payments Initiative (EPI) is seen as a potential game-changer, aiming to create a pan-European digital wallet solution. 📘 The report outlines three future scenarios for the European mobile payment landscape by 2030: a single European solution led by the EPI, multi-country clusters, or continued fragmentation. 📘 Strategic positioning is crucial for stakeholders, with banks advised to secure interchange revenues and protect customer interfaces, merchants to align with customer preferences, and investors to identify growth opportunities early. 📘 The report emphasizes the need for close monitoring of developments, such as the EPI's momentum and the impact of international wallets' expansion in Europe. Steven Jacob Francesco Burelli Source: https://lnkd.in/ecG3_HtM). Access to the report: https://lnkd.in/eRr8cacq #MobilePayments #EuropeanPayments #EPI #DigitalWallet #ArkwrightConsulting #PaymentStrategies

Happy to be quoted on the latest Forbes article about Instant Payments, which are a rage in markets like India and China in fact across Asia, South America and Europe are far ahead in instant digital payments. In the US, the adoption needs to be accelerated better. https://lnkd.in/gJRrQhpJ #india #payments #instantpayments #zelle #paypal #digitalpayments Forbes Technology Council