Understanding The Evolving Payments Landscape

 

Digital and mobile technology is continually evolving and advancing, creating new ways to pay; from mobile wallets to peer-to-peer to digital currency, the modern payments landscape has evolved past simply cards and cash. Consumers, eager to adopt these new ways to pay, are changing their purchasing habits to meet these emerging methods. To meet customers’ needs, banks, fintechs, and merchants must keep up with these new trends and even more innovative ways to pay for goods and experiences. However, with these new payment methods comes a new universe of fraud that firms must manage as fraudsters increase the sophistication of their attacks by utilizing emerging technologies like artificial intelligence for criminal purposes. To tackle this new era of fraud, firms must invest in secure technologies, including authentication, identity verification, transaction monitoring, and data theft prevention technologies.

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