Non-traditional merchants are challenging the established matrix of the payments industry, leading towards customer-centric innovation. In the contemporary scenario, customers were increasingly demanding higher levels of service delivery and value added offerings from merchants. If merchants don’t adopt these technological innovations, they will remain in jeopardy of being overshadowed irrespective of their strong traditional fabric.
Comprehensive banking to cover all is fast becoming a primary policy objective in both developed and emerging nations. Digitization of the payments industry is being driven by various international agreements and institutions are constantly looking to encourage standardization. Technology-enabled services and solutions are rapidly morphing banking services from an expensive affair into a potent enabler for enriched customer experience and effective operational attributes.
Confidence of Businesses Is Plummeting Towards an All-Time Low
Consumers are investing most of their spending in the digital space, purchasing goods and services via various online platforms. Due to the shift in the spending patterns of consumers, Card Not Present (CNP) merchants having been facing mounting challenges in managing safe and efficient operations.
CNP fraud is currently the fastest growing payments fraud in many economies of the world. Retail sales are set to touch an all time high of $27 Trillion by 2020, which is directly proportional to the expected CNP fraud losses.
As financial institutions (FIs) make a paradigm shift to digital channels like online banking and mobile transactions, cybercriminals are constantly searching for creative ways to obtain money from FIs through cyber fraud. Cyber offenders are using sophisticated, innovative, organized, and relentless ways to attack FIs.
An online study on cyber threats reported to witness 1,293 data breaches, compromising more than 174 M records in 2017. This disruption is expected to balloon in 2018.
Meet QPS to Assess the Punitive Fraud within Your Business at ETA TRANSACT 2018
Featuring an unparalleled speaker roster, ETA Transact is a one-stop event mustering a large pool of financial institutions (FIs), networks, payments companies, Fin-Tech and technology innovators under one roof. Connect with QPS top leaders to get insights & exchange learnings on policy advocacy to re-invent the dynamics of commerce. ETA TRANSACT would be held from 17th to 19th April 2018 in Las Vegas at the Mandalay Bay Convention Center.