Emerging Payment Trends And Innovations
Worldline Rise 2021 India chapter is a global initiative powered by Worldline. The recently concluded event was based on 8th October 2021 was based on the theme ‘Driving Growth Through Innovation In Payments’ where industry leaders from across the spectrum of the payment value chain came together to discuss key developments in the ecosystem. Payment is one of the fastest-growing industries that thrive on innovation. We explore diverse aspects of this theme through insightful sessions and panel discussions.
The next topic in discussion for Rise 2021 was Emerging Payment Trends And Innovations hosted by Sunil Rongala (VP - Strategy, Innovation and Analytics, Worldline). The panellists consisted of distinguished names like Stephan Blachier (Head of Worldline Labs, Worldline Global), Nicolas Kozakiewicz (Chief Innovation Officer, Worldline Global), and Santi Ristol (Director Mobile Competence Center, Worldline Global). Let’s look at the noteworthy points discussed.
Worldline paving way for innovation and growth
Worldline has been at the forefront of innovation in the digital payments space. Apart from generating new ideas, it has been working consistently on emerging payment trends and innovations through its think tank- Worldline Labs. It leverages the growth of new technologies while relying on a solid practice of global innovation and intellectual property management.
Trends observed in the global payment space
Worldline’s collaboration with businesses, merchants, retailers, banks, Fintechs, and other key players has broadened the horizon of innovations in the digital payment space. The most prevalent trends where Worldline is working currently are data use, contextual interactions, authentication led by biometrics, and blockchain-based notarised services.
Emerging trends in mobile payments
Given the fact that mobile payments need to be quick, convenient, secure, and trustworthy, there are a few trends observed here. These include the rise of contactless payment, biometric payment, mobile wallets, mPOS, and peer-to-peer payments.
How does Worldline foster innovation?
Worldline has been fostering innovation with various initiatives set up across the globe. One initiative is the Worldline Innovation Network (WIN) where a group of experts across the globe come together to promote, stimulate, facilitate, and valorise the innovation. Similarly, through the Idea Incubation initiative, contests are organised throughout the year to recognise potential innovators and their innovations. Our yearly event e-Payment Challenge is organised to enable innovation through co-creation. Such initiatives have provided an impetus to innovation that can also be repurposed in domains other than payment.
Insights from the future
Since the use of WhatsApp is prevalent even in business communication, conversational commerce has become the new trend. Worldline has taken a step towards leveraging conversational commerce by partnering with Facebook for WhatsApp Business API. Cryptocurrency can be another key area in the payment space we need to look out for in the future. It has a promising future considering how merchants have already started accepting payments in cryptocurrencies. Blockchain is yet another area where Worldline has stepped foot in. Apart from the obvious use cases in cryptocurrencies, blockchain can be harnessed in several different forms linked with payments.