Ask anyone where they think the financial capitals of the world are, and nine times out of ten, the answer will be New York, London and Tokyo. Those who are following the markets closely or want to be more precise might include other cities like Shanghai, Hong Kong and Singapore. But Atlanta, Georgia isn’t likely to make anyone’s list of top digital payment powerhouses.
Everyone is talking about digital transformation, but also looking at it from different perspectives. The forum was special as it allowed for a wider understanding to be developed by embracing and integrating the views of many cross-industry players. Part one of this two-part blog covers four key takeaways that stood out from the discussion at the event.
To remedy this embarrassment and bring a greater degree of security, the payment card industry as well as real-time payment platforms are moving to tokenization—a process by which a surrogate value in the form of a series of randomly-generated numbers, known as a “token,” replaces the primary account number.
With more and more organizations using the cloud to host their applications, the scope of e-commerce and the volume of non-cash payments will continue to increase. The greatest growth will be found in developing countries where wireless communications and mobile devices are reaching even the remotest corners.
We surveyed more than 100 financial services experts to learn how they’re handling key competitive issues and opportunities while preparing for the future. In a new report, published by Finextra and sponsored by Equinix , find out how the right interconnection strategy can help you embrace retail banking’s new digital frontier: Interconnection and Data at the Edge: A New Frontier of Competitive Advantage in Financial Services.
The prospect of a global cashless economy is not too distant a reality. Global digital payments are predicted to increase on average by 10.9% reaching close to 726 billion transactions by 2020, according to the World Payments Report 2017. The world’s top cashless economy is currently Canada, with Sweden coming in at second and the UK at third (Forex Bonuses). Chinese cities are already emerging as early examples of cashless economies, with digital payments on mobile apps such as WeChat and Alipay taking precedent for mobile payment transactions. And Sub-Saharan Africa is a huge market for mobile payments — the GSMA reports that more than 40% of the adult population is using mobile money on an active basis in seven Sub-Saharan African countries.
One of the things driving this fragmentation is the fact that legacy infrastructures and current architectures were not necessarily built to handle the complex web of new connectivity that is required from new products, new partners, acquisitions or global expansion.
Digital payment transactions are increasingly coming in from the edge. This puts new demands on mobile, wireless digital commerce solutions (e.g., electronic wallets, point-of-sales systems), security systems, and network and cloud infrastructures to scale to support this growing demand.
An interconnection-first, hybrid cloud strategy offers digital payments companies greater performance, scalability, security and reliability, while enabling them to deploy their own infrastructure or leverage AWS Direct Connect on Platform Equinix™.
This rapid growth in interconnected commerce creates big incentives for companies to innovate, maximize technology or try out new business models. Here’s some of what we see coming in digital commerce in 2017.