The payments industry is in relentless pursuit of technological advancements. In 2024, businesses are gearing up to provide seamless and secure customer payment experiences by integrating the latest technologies. These innovations are expected to bolster fraud detection, expedite transaction processing, and fortify check-up mechanisms grounded in accurate data and robust databases.
Despite strides in technology, payment fraud persists. For many people in payments, 2024 is envisioned as a preparatory year, setting the stage for substantial investments to drive transformative changes. These investments are crucial for fortifying the industry against evolving threats and propelling it into a new era of secure and efficient transactions.
Continuous Progress in the Digitalization
While not expecting the same extraordinary growth witnessed in 2020, 2024 is predicted to be a year of continuous progress. Addressing the current disparities in digitization across many countries is of crucial focus, aiming to ensure wider accessibility and enjoyment of the benefits of online shopping. This push toward greater digitalization is expected to sustain the upward trajectory of digital and contactless payments, with a heightened emphasis on security measures like tokenisation and biometric authentication.
The theme of sustainability, equality and inclusion within evolving technologies will take centre stage. Advancements in PAN and card transactions, coupled with a focus on strengthened data security, underscore the industry’s commitment to creating a more inclusive digital landscape. Innovative fintech companies are expected to introduce disruptive technologies, supporting the ongoing evolution of e-commerce and providing flexible online checkout options for merchants and consumers.