What do you do if you're an executive in Payment Systems and want to stay ahead of industry trends?

Some things to consider, 1. Be simple and intuitive "think Google search". Don't pass middle mile complexity to the payer or beneficiary 2. Think ecosystem rather than commodity. Payments exist to plumb trade and money movements 3. A payment system is about minimal failures, it's easy to do 500 or 5000 Payments, but how do you scale to 50M with no errors? 4. Change is constant so set up the system for adaptation, set up the next generation for success rather than undoing your wrong predictions

Innovation is very important . With the whole world moving to AI ,machine learning etc , we need to make sure our payments game goes in hand with innovation. Learn from other competitors in the industry . Keep youselves updated with what is happening across the world both payments wise & technology wise.

Invest in blockchain-based payment models. PS: It seems that LinkedIn does not like short and to the point answers but force contributers to write more. So this PS :)

"Innovation" needs to be tied up with "Continuous Improvement" in order to stay ahead of the industry trends. To be more precise "On-going Innovation" serving the customer needs will be the key element to stay ahead of the game !!!

Payment Innovation isn’t really new. Change across the payments ecosystem has been continuous over the decades that I have been involved, especially when you consider the early days with the introduction embossed payment cards + manual hand held Zip Zap machines (credit card imprinters) along with cardholder signatures, there was also MOTO (Mail Order Telephone Order + Pre-authorisation). Then Magstripe + PIN rolled in, followed by EMV, eCommerce, Contactless, 3DS, Tokenisation, SoftPoS, Mobile Payments, Mobile Wallets, Biometrics, QR and many other game changing initiatives. It’s a continuous evolution… it’s a bit like surfing waves with every wave being slightly different to the last one that you caught.

Often, one can not spend time reading about everything happening in the payments industry. By speaking with other experts and / or users in the payments industry, one can gather interesting perspectives. And networking doesn't have to be with industry experts in conferences and meetings only - it can even be with a cab driver, while on the move, on which payment instrument he / she prefers, why that method, what payment methods do the customers want to pay most in and so on.

Payment is serving for specific users/ markets. Know your market, know your targets before going to any conferences. "Lectures and practical are always different"

I dont think an excutive in payment system need to be open his network widely. They need to be updated with the lastest tech and framework for payment industry instead

Network helps you better understand market needs, problems, solutions, and find ways for experimentation. You must avoid being an island.

Continuous learning and knowledge sharing is a must. The payments space evolves at an exceptional pace. Ever changing and morphing to keep up with outside legislation such as card scheme rules from Visa and MasterCard or EU rules like PSD3, GDPR etc. If we look at card payments over the last 20+ years a lot has happened. Going from mag stripe to chip & pin to online sales, tap etc the metamorphosis has been extremely interesting and exciting. A very wise person once said to me that you can't learn card acquiring in uni there are no course so the people that work with it are the foremost source of information. So we all have a duty to share and evolve.

To stay competitive it’s important for leaders to model a culture of continuous learning. Remaining current on trends, technologies, & practices broadens knowledge, empowers teams to develop new ideas, sharpens expertise, and better informs decisions that help drive their organization forward. Continuous learning can be done in various ways, through research, networking, reading industry reports, payments/fintech blogs & articles, attending industry conferences like Money20/20 & Fintech Meetup, & joining industry associations. Those who build & promote a lifelong learning mentality, embrace innovation, stay educated, and prioritize professional development are better prepared to lead through change, drive innovation, & foster growth.

Stay ahead of the curve by consistently researching and learning of all of the industry trends on a continual basis, keeping informed for yourself and your clients.

Analyzing payment data generated from transactions & traffic holds crucial insights. It’s essential for optimizing operations, improving customer relationships, and fostering business growth. Important metrics to track include authorization rates, fraud detection, chargeback/dispute rates, response/return codes, conversion rates, average transaction value, frequency, clearing & settlement, and churn rates. By utilizing payment data effectively, businesses can understand customer behavior, increase acceptance, optimize revenue, and expand into new markets. Implementing strategies to organize payment data, analyze metrics, & utilize reporting tools can enhance data analysis and facilitate informed decision-making for business success.

In the world of transactions, data is your compass, guiding you through the twists and turns of consumer behavior and market trends. Dive deep into this data pool, using powerful analytics tools like a seasoned explorer navigating uncharted territory. But remember, it's not just about collecting data—it's about understanding its hidden treasures, the stories it tells about where the industry is headed. So, interpret with curiosity, seeking out those golden nuggets of insight that reveal the path forward. Stay agile, my friends, for the landscape is ever-changing. Keep your finger on the pulse, adjusting your course as needed to seize every opportunity that comes your way.

What is the best form of incentive? Giving back. getting something of value in return. If I make a payment for product and upon making payment I get to make a deposit or continual payment towards something I desire. I'll keep making payments through that platform that provides me the incentives. Ask me how for more info.

Compliance and processing speed is the name of the game for payment systems. It is critical to be aligned with knowledge and skillset required to payment system implementations, you need to continuously learn to stay ahead of the curve and try to think about improving the customer journey yet being discrete when it comes to security.

Regulatory bodies as well as third-party data on payments regularly release numbers and data points on payments. Metrics like volumes and values of a specific payment methods demonstrate consumer adoption, which payment instruments are gaining traction; what are the avg. txn size across payments methods demonstrate consumer behavior around purchase decisions; which new players are capturing market share through analyzing month-on-month share in overall pie and so on.

Awareness of changes in regulatory compliance is crucial, as the landscape can evolve rapidly. Utilize the latest trends within the industry to craft strategic plans and proactively set priorities for functions & goals in alignment. Implement technologies, such as regulatory change management software, which can automate the monitoring and tracking process, set customized alerts to receive updates on regulatory developments, provide guidance, and ensure adherence. Build relationships with relevant local and international regulatory authorities and industry associations to provide valuable insights into changes or upcoming initiatives. Engage with external experts, such as legal advisors/compliance consultants for tailored guidance.

Regulatory vigilance is paramount if an executive wants to stay ahead of payment trends. As regulations will determine what a payment system provider can and can't do, understanding trends in regs, both state and federal, cannot be oversold. Executives and other key decisionmakers must have at least a cursory understanding of proposed laws and regulations that may impact their business model and strategic direction. Tasking inhouse counsel with this responsibility, as well as providing regular updates, will help executives stay ahead of payment system trends.

The culture of regulatory compliance must be internalized by any company executive and in a competitive environment in which competitors are also regulated, regulatory compliance can be a fundamental strategic piece to take advantage. Its implementation should not only be seen from the perspective of cost, but also from that of opportunity.

An example of strategic innovation in this industry is the introduction of tokenisation which converts any sensitive payment related data into a token, rendering any interception by hackers meaningless. This is highly useful in e-com and quick commerce. Another feature added is the use of CDBC-R which are fiat backed digital currencies improving the speed of transactions, reduce hersttat risks and cost of interoperability of banks internationally (CDBC can also behave as paper cash, RBI is testing for proximity used cases for offline uses in rural and hilly areas) In home shopping environments, voice commerce and contactless payments are often used to enhance the user experience making the shopping experience intuitive and enjoyable.

One of the best ways to stay abreast (in fact ahead of curve) is to get hands-on. E.g. A new wallet provider has launched in the market and claims some niche value-add: go ahead and open account with them and experiment; country's regulator has launched CBDC - experiment with it by making payments. Getting hands-on helps one know first-hand the differentiators and what will click and what will not.