Payment processing

The uncertainty from the pandemic has made costs unpredictable, says Ally Lending's Hans Zandhuis.

One area of certainty in the 2020 election is the momentum for legalizing cannabis, as a string of ballot box victories makes it harder for banks to avoid working with dispensaries and other legal marijuana businesses.

Consumers will still prefer minimizing physical contact, while relying on digital payments and looking forward to adopting smarter methods that are secure, convenient, and less time-consuming, says Global Market Insights' Vinisha Joshi.

It is a frustrating reality during a time of national crisis that emergency payment options for vulnerable populations remain such a complex and inefficient landscape, says Flourish Ventures' Sarah Morgenstern.

Michael Moeser, Senior Analyst at PaymentsSource, talks to Alex Fisher, Vice President of Retail at Afterpay, an Australian company, about the factors behind the growth of the global 'buy now, pay later' market.

Good communication is integral to facilitating collaboration between departments and offering a reminder that security is not achieved solely within the IT department; rather, it is a team effort, says KnowBe4's Javvad Malik.

Businesses are looking for banks to help them shed paper and automate transactions, says FISPAN's Clayton Weir.

As the pandemic and economic downturn take their toll on consumer spending, the card companies are relying on scale, partnerships and subsidiaries to turn consulting, security and fast technology deployment into new and sustainable revenue streams.

Before bringing biometrics to any new payment form factor, careful consideration is needed to ensure the technology can be seamlessly integrated into the existing infrastructure, while maintaining the highest levels of security, says Fingerprints' Henrick Nilsson.

Though the COVID-19 pandemic continues to stifle economic growth globally, Western Union again pointed to its fast-growing digital services as key to keeping the company on a positive trend.