The Payment Industry to Become more “App Driven”

According to a recent article by PaymentEye, mobile payments are rising dramatically with a 42 percent rise in 2016 alone. This is a trend that will likely stretch into 2017 as well. Businesses require software and technology that will accommodate this evolution.

Fintech startups like AEVI are taking advantage of this trend by offering an “open ecosystem” of value-added apps and services (VAAS) that will not only offer the best applications to merchants but also promote innovation on the part of application developers. The company states that applications offer the flexibility necessary for businesses to complete Face to Face (F2F) transactions and daily operations.

Mike Camerling, Chief Product Officer at AEVI, said,

“We think the payment industry will become very app driven. Merchant acquirers will be able to create an all-purpose business tool that is tailored accordingly to their merchant’s needs, whilst at the same time ensuring that their brand becomes the focal point of the merchant’s attention.”

Security is the most pressing issue with these developments. In the financial industry, it is a difficult process to develop and introduce financially functional platforms while also complying with rigorous regulations.

Moving forward, banks and merchant acquirers will need to adapt to the changing market and to innovate, in order to remain relevant with their innovative competitors.

Read more at PaymentEye

Copyright for image: Photographer, Stock Photo, License Summary.

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