PCM Vol.3 Issue 12

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EXPERT INTERVIEW This is our cover story of the month. Highly regarded experts in the industry provide their point of view on specific challenges that merchants and other companies face in their day-to-day operations.
The Evolution of eCommerce <strong>PCM</strong>: What are the latest payments developments you are seeing in the eCommerce world? Daniel: The main developments fall into three key trends: the rapid digitization of payments; the expanding role payments providers are playing in the provision of Big Data; and an intensifying ‘omnichannel’ approach. The first of these trends - the rapid digitization of payments - has been driven by two significant influences. Firstly, an increased consumer confidence in mobile payments and secondly a proliferation of new ways to process online transactions. We’ve seen the evolution of cash into ‘digital cash’ formats so that customers can spend it more easily online, as well as a plethora of emerging digital payment solutions now on offer. Gone are the days when the online shopper was restricted to completing their purchase using a credit or debit card requiring the backup of a bank account. Today’s eCommerce environment offers multiple, alternative digital payment options. These include the digital cash methods and pre-paid cards; e-wallets; e-vouchers; virtual account numbers or single use credit cards; cryptocurrencies; voice recognition and biometrics and the list goes on and on. What matters though is not that these digital payment solutions now exist, but that customers across all demographics are adopting them at a rate of knots thanks to their flexibility, added convenience and value for money. Furthermore, the newer digital solutions often offer significantly tighter security and avoid some of the most prevalent types of fraud that can occur when cards are stolen. Payment processors can crunch extensive sources of data rapidly and deliver timely learnings. For example, we’re now able to assimilate Big Data from across all Paysafe channels, platforms and geographical locations and then overlay it with additional external sources, giving merchants enhanced analytics and insights in areas that were previously beyond our capabilities. Through this we can show them exactly what impact every variable has on their business, not just the conventionally tracked ones. For example, what impact does the weather have on sales? These are the sorts of questions we’re now starting to help our merchants answer. On the less savoury side, there’s recognition that the Big Data we can provide also acts as a powerful tool for solving some of the payments industry’s oldest problems. Fraud, in particular, becomes much easier to identify and address with real-time data tools. The combination of fast, powerful server grids with real-time data sets and predictive analytics lets us infer fraudulent behavior literally as it happens, rather than long after the fact; something that was nearly impossible to do with yesteryear’s conventional relational database technology. Using Big Data insights to build, grow and protect eCommerce businesses is not new, but we’re witnessing a growing recognition of the value payments partners are bringing as merchants increasingly lean on us for not just data, but actionable intelligence. The second trend is that our many of our merchant partners are increasingly leaning on us for additional Big Data insights. Expert Interview 15
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Page 3 and 4: Contents 6 BANKING CIRCLE: OPENING
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Page 7 and 8: Anders la Cour Co-founder at Bankin
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PCM Vol.3 Issue 12

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