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What else is on the

What else is on the line? Mobile payments The growth of mCommerce will also influence the increase of mobile payment methods and wallets. This trend is supported by the increase in consumer habits of using multiple devices in their path-to-purchase – using their desktop when gathering information about a product or service, followed up by an offline visit to a shop, and finalisation of the deal via a mobile app. Need for Payment Services to Talk to One Another Looking at the rise of mobile payments, we will also see the need for payment services and platforms to communicate to one another in a synced, frictionless way. Use of open, third-party APIs for payments will become a trend, with fintechs, merchants and technology companies collaborating to deliver smooth customer experience. Blockchain Blockchain has been raised to dizzying heights as predictions claim that the decentralized database will alter technology as we know it. Moreover, both financial services and payments, two of the most complex and highly regulated industries in the world, are under the strong influence of the developments of blockchain and distributed ledger technologies. Distributed ledger technology, first showcased through the Bitcoin cryptocurrency network, has the potential to redefine the complex pipelines that make payments possible. In the coming months, we will certainly see a lot more clashes between banks and DTL technologies in addressing customer needs. We will also see an increase in use of blockchain technologies for clearing and settlements, as well as seamless, intermediary-free, peer-to-peer transactions that correspond to data privacy requirements. Conclusion Digitalization is reshaping payments at a rapid pace. The implications of this changing landscape require a more agile, customer- and data-centred approach. Whether it is by rethinking the business models to offer more attractive and worry-free payment plans; by complying with regulations that ensure data privacy is top priority, or by building payment systems that correspond with the ways consumers behave, 2018 is shaping up to be the year that puts customers’ specific needs behind the wheel to drive the payments industry. 6 THOUGHT LEADERS CORNER

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