When it comes to payments innovations, banks and payment companies have held up their end of the deal.
Instant payments, pay-by-bank, digital wallets, artificial intelligence and tokenization all have been pushed forward from the supply side. Now it’s up to the consumer.
Seth Perlman, global head of product at i2c, said there are several drivers pushing consumers, as well as enterprises and banks, toward seamless and instant payments. The drivers, including shifting consumer preferences and regulations, have underpinned “the relentless march of technology innovation.”
“When consumers get an opportunity to use these payment innovations, they tend to like them a lot, and they adopt them really quickly,” he told PYMNTS.
Perlman’s observations came as part of the continuing series “What’s Next in Payments,” focused on modernization. Payments firms serving all verticals are striving to meet consumers’ desires for simplified products and services, as well as friction-free end-user experiences and speed, he said.