Into the dynamics of 2024 – Digital. Sustainable. Inclusive

The payments industry is in relentless pursuit of technological advancements. In 2024, businesses are gearing up to provide seamless and secure customer payment experiences by integrating the latest technologies. These innovations are expected to bolster fraud detection, expedite transaction processing, and fortify check-up mechanisms grounded in accurate data and robust databases.

Despite strides in technology, payment fraud persists. For many people in payments, 2024 is envisioned as a preparatory year, setting the stage for substantial investments to drive transformative changes. These investments are crucial for fortifying the industry against evolving threats and propelling it into a new era of secure and efficient transactions.

Continuous Progress in the Digitalization

While not expecting the same extraordinary growth witnessed in 2020, 2024 is predicted to be a year of continuous progress. Addressing the current disparities in digitization across many countries is of crucial focus, aiming to ensure wider accessibility and enjoyment of the benefits of online shopping. This push toward greater digitalization is expected to sustain the upward trajectory of digital and contactless payments, with a heightened emphasis on security measures like tokenisation and biometric authentication.

The theme of sustainability, equality and inclusion within evolving technologies will take centre stage. Advancements in PAN and card transactions, coupled with a focus on strengthened data security, underscore the industry’s commitment to creating a more inclusive digital landscape. Innovative fintech companies are expected to introduce disruptive technologies, supporting the ongoing evolution of e-commerce and providing flexible online checkout options for merchants and consumers.

Technologies to bring transformation.

The future of payments is tightly linked to evolving technologies that simplify online checkout, enhance security, and reduce friction points. In 2024, data sharing takes the highlighted stage, with PSD3 bringing accessibility and inclusion to the forefront. Advanced technologies like AI and ML have become crucial pillars, ensuring the democratisation of regulations for data sharing. Integrating these advanced technologies streamlines processes and creates a more personalised and secure environment.

Tokenization, 3DS, and SRC with Click to Pay are vital tools in the fight against payment fraud. Blockchain and cryptocurrency promise faster and more secure transactions, while CBDCs lay the framework for their strong projected growth. Value-added services and instant payments will become quite dominant topics. Businesses will likely introduce flexible payment options like Buy Now, Pay Later (BNPL). This strategic shift is accumulating consumer preferences, aligned with their purchasing decisions, and influenced by the economic challenges.

The above trends and topics highlight the necessity for commitment to innovation and efficiency as companies strive to stay competitive in a rapidly evolving landscape. The coming 2024 year promises to set up the stage for secure, seamless, and personalized transaction enhancements.