The Payment Horizon in 2024: Lessons Learned from Events
By: Pedro Ferreira
The payments industry is undergoing a seismic shift. Demand for digital products is increasing as consumers embrace instant gratification. Smooth transactions. Companies are always looking for a smooth transaction. Faster cash flow. There is a mass disruption on the company’s periphery. Open banking, AI and blockchain are cutting-edge technologies that have the potential to transform our lives. Redesign the trade itself.
The 2024 payment event calendar is a promise of settlement. The payments industry is a melting pot in which these trends emerge. The realities of tomorrow
The five main topics are discussed in this article. Teasing will dominate industry events all year long. Find out what impact this will have on the future where paying for goods will be a thing of the past. Services could be obscured.
1. Open Banking and Embedded Banking: The Rise of Open Banking Financial Services
Open Banking is a system that allows third-party providers to access financial services. The financial industry is facing a revolution due to consent-based collection and use of customer financial data services. This trend is the focus of events such as the Open Banking Expo Canada (2024) (Toronto on June 11) and other similar events. Discussions will take place throughout the year and are expected to include the latest regulations. Open Banking: Security Concerns and Innovative Applications
Open Banking has made embedded finance a key trend. Financial services can be seamlessly integrated into non-financial services applications. Embedded Finance offers a smooth, personalized and seamless user experience. We can expect important announcements regarding partnerships and experiences. Money20/20 USA, taking place later in the year, is a great place to discuss this trend. Las Vegas (October 27-30), FMLS:24 (November 18-20) in London
2. Real-time payments continue to grow in popularity
Instant payment is the ability to receive payments and to send. Quickly becoming the norm The Faster Payments conferences are taking place. The latest innovations are displayed in real time around the world. Payments infrastructure, including instant payments, cross-border initiatives and instant settlement solutions
. Consumer demand for instant gratification is driving this trend. Companies need to improve their cash flow management. As we are likely to witness new payment methods as real-time payments become more widespread. Business models based on micropayments with instant settlement. Global Payments Summit in Kuala Lumpur (June) These new business models and their implications for 12-14 will be examined. Different stakeholders.
3. Artificial Intelligence: The future of artificial intelligence, machine learning
AI and ML have transformed the payments industry. From fraud detection to risk management, customer onboarding is part of the industry. personalized payment experiences. Discussions about AI in payments take place at events such as the AI in Payments Forum. How these technologies are used to create a safer and more efficient payment ecosystem.
AI and ML are used in practical applications. Fintech Week London (June 10-14) is a great place to see the latest innovations.
4. Blockchain Technology: The Evolution of Blockchain Technology
Although blockchain is still a relatively new technology, it has already proven to be a success. Payment transactions could finally gain momentum in 2024. Paris Blockchain Week (April 9th and 11th) and similar events are a great way to get involved. Conferences are held throughout the year to showcase blockchain use cases. Payments, including facilitating international transactions and streamlining supply chain financing
Blockchain adoption faces a number of challenges. Scalability and regulatory uncertainty. With progress in Layer 2, we expect more blockchain pilots to be implemented in the future. Payment technology. A good example is SIBOS, a major event in Beijing (September 21-24). The Financial Services Conference will inevitably include discussions about blockchain and the evolving regulatory environment
5. Cryptocurrency: The Evolving Payments Landscape
Cryptocurrencies are still a hot topic in the cryptocurrency community. The payments industry. Consensus in Texas (May 29-31) examines the regulatory landscape of cryptography. Payments, stablecoins and the potential of CBDCs
The adoption of cryptocurrencies as currency is widespread. Payments using popular methods are not as far away as you think. The use of these payment methods is constantly increasing. Seamless Middle East has shown great interest in exploring the potential of its products for specific applications. In this context, Seamless Middle East will examine these payments in detail at the conference in Dubai on May 14-15, 2015. The increasing adoption of digital technology in the region.
The conclusion of the article is:
The industry will host a number of events throughout the year. These trends are discussed, refined and ultimately transformed into melting pots. The realities of tomorrow
The latest innovations promise convenience and comfort. New business models, customer journeys and financial experiences. Invisible transactions, instant settlement and a new level of security could be the future of payments. Personalization is unlike anything we’ve seen before.
Also learn more about: Conversations at industry events provide a glimpse into that future in 2024. The decisions we make today will shape the future of this exciting new world. Payments follow. Fasten your seatbelts because this ride is going to be exciting.
