We have already commemorated October 21st 2015, the date the protagonists of ‘Back to the Future II’ travelled to, in an article today. To carry on the theme of looking back and forward in time, the infographic below considers how payments have evolved from mere bartering to today’s biometric tech and mobile payments, as well as how payment technologies will continue to progress in the near future.
For example, Coca-Cola seems to be jumping on to the Apple Pay bandwagon by deploying 100,000 vending machines capable of processing the tech giant’s mobile payments.
In the world of cryptocurrencies, 2014 was a bad year for Bitcoin. Having opened the year at $770, the digital currency’s value dropped to $350 by mid-December, marking a drop of roughly 50 per cent.
Eastern Europe is still very much a region finding its identity following the breakdown of the Soviet Union over 20 years ago. Countries in the region are at various stages of economic growth and payments infrastructure development, and the e-commerce landscape looks different as you cross borders.
The failure to keep pace with expanding compliance procedures has seen a rise in the number of financial penalties issued by regulators over the past few years. As anti-money laundering (AML), know-your-customer (KYC), counter-terrorism financing and other compliance obligations expand across different territories, organisations large and small have struggled to maintain adequate and comprehensive safeguards – often resulting in sizable fines and significant reputational damage.
Andrew Quartermain, VP Sales at ACI Worldwide, explains that the growth of e-commerce and the rapid rise in the popularity of smartphones has played a big part in driving retail change, with today’s consumer now able to browse, compare, buy, receive and review products at their convenience, wherever they are. Highly connected consumers are demanding a more personalized and seamless shopping experience, wherever and however they choose to shop - and retailers have had to undertake a shift from paper to digital technologies to keep up with this demand.
Sharon Manikon discusses whether the convenience of digital payments is overtaking that of cash in the economy.