The Evolving Payments Ecosystem


The Evolving Payments Ecosystem

By: Celine Sim

This article aimed to highlight what the 3 panelists had to say about the entire payment ecosystem.

In this session, SFF had the following speakers onboard:

  • Alfred F. Kelly, Jr., Chairman and Chief Executive Officer, Visa

  • Anthony Eisen, Chief Executive Officer and Managing Director, AfterPay 

  • Prajit Nanu, Co-Founder and Chief Executive Officer, NIUM

How have the ways people engage in commerce changed?

From Alfred F. Kelly, the CEO of Visa -

There has been a massive shift in buyers and sellers online. On E-commerce, there has been an increase of 25% spend per active user. Moreover, in VISA transactions, 75% are attributed to contactless payment. This highlights how more and more buyers are moving online and sellers would need to cater to this shift in consumer behaviour.

With this change in behaviour, here at Instamo, we offer B2B international e-commerce payment options to allow users to pay for your goods and services with just a few taps.

How has the pandemic changed your organisation’s way of thinking when it comes to planning your business for the future?

From Alfred F. Kelly, the CEO of Visa -

Overall VISA has changed to become a more agile and community focused company. Through this pandemic, we have realised the importance of investing in our communities and it is ultimately the communities that power our organisation. Moreover, with the pandemic, it has forced us to ruthlessly prioritise to manage our current expenses and be mindful of where and what we spend on. Whilst prioritising our expenses, we too need to prepare for the future by investing in our future. For instance, in VISA, we have focused on rolling out products faster to enable contactless in a lot of markets. This allows us to build an inclusivity in finance.

On the side of work environment, VISA has also re-imagined how we work. Given that we are a 100% client oriented business, we would hence need to be client first in all that we undertake.

From Anthony Eisen, CEO of AfterPay -

In the case of AfterPay, this pandemic has forced us to move remotely in a few days. Moreover, as we make this move, we are still focused in on our customers and merchants as we onboard thousands of customers and merchants during this period. We too noticed that most of our customers are millennials and what they wish for is to support local businesses. Thus, a reprioritisation of what really matters is importance in our organisation.

From Prajit Nanu, Co-Founder and Chief Executive Officer of NIUM -

In the case of NIUM, product prioritisation is how our organisation has changed to plan for the future. For instance, in our case, there has been an increased focus on travel products or gaming products.

How has VISA evolved its strategy to work with various partners in the ecosystem such as fintechs, financial institutions and merchants around the world? 

From Alfred F. Kelly, the CEO of Visa -

For one, VISA’s strategy has evolved as commerce has evolved. VISA has changed from being the world's best payment network for credit or debit cards to being a network of networks that can enable money movement for a wide array of partners. We hope to be a premier partner and platform that fintechs around the world can use to create great experiences and "wow" their users and stakeholders.

What were people buying pre-Covid and during Covid?

From Anthony Eisen, CEO of AfterPay -

In the case of AfterPay, the average age of our customers are around that of 33 years old which is that of a mature millennial. Throughout Covid, there were actually similar purchasing patterns. For instance, there was a shift from lifestyle purchasing to that of purchasing necessities. When the pandemic started to ease, sectors such as apparel, beauty and jewellery actually came back very strongly. However, sectors such as entertainment or travel were the ones that stayed down.

As the world is heading to an API economy, how does that shape the way companies serve customers? 

From Prajit Nanu, Co-Founder and Chief Executive Officer of NIUM -

We see that banks are being unbundled at a crazy pace. For instance, we see an increased number of people who get their payments, cards and loans from different organisations. Thus, it is a matter of choosing the best partners both for the customers and for the banks. This is especially crucial given that APIs are not just to the few million customers but actually to the hundred of millions of customers.

What should organisations do to reach out to the underpenetrated segment who may not have access today to digital payments? 

From Prajit Nanu, Co-Founder and Chief Executive Officer of NIUM -

We need to note that there will be a Rapid proliferation of financial services and all these will be led by platforms. For instance, ecommerce or even "buy now pay later" platforms services will all be driven by platforms. These platforms will create the real ecosystem and then they will plug in to partners like NIUM to build out the financial ecosystem that services need.

From Alfred F. Kelly, the CEO of Visa -

Currently, there are still 1.7 billion people that are still unbanked around the world. At VISA, we’re expanding the definition of what it means to be banked. This way there will be a  massive proliferation of new ways to be included into the banking system to create financial inclusivity. Moreover, with the combination of broad based connectivity that is now accessible around the world and the creativity from innovative companies coupled with the capital that is now being invested -- all these will sure have a huge impact to help the underpenetrated segment.

What do you see in the future of AfterPay and its products? 

From Anthony Eisen, CEO of AfterPay -

For a lot of our customers, AfterPay is the beginning of the shopping journey. We need to have the ability to promote customer loyalty to ensure that their shopping journey is one of ease. Moreover, there needs to be an increased onboarding of small businesses to allow businesses to connect with consumers that they would not have had access to. Ultimately, we need to create gateways for customers to connect with local businesses.

At Instamo, we hope to be the chosen one stop solution of cross border financial services. In doing so, we hope to support and facilitate cross border SME invoice financing and measure international consumer purchasing power. With Instamo’s ecosystem, we are able to understand merchant’s performance internationally and consumer insights in order to improve cross border data sharing.

#instamo #fintech #globalpaymentsolutions #openbanking #ecommercepayment #merchantpayments #remittance #b2bpayment #internationalpayment

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