20 Most Promising Payment and Card Solution Providers - 2019
In a battle to win customers, organizations are continuously revamping the way payments are processed. Firms are leveraging various technologies such as blockchain, artificial intelligence (AI), and big data to improve transactions speed while bolstering data security by detecting frauds. Over the past few years, organizations are replacing existing legacy payments infrastructures with intuitive platforms. Contactless payment is one such method that lets customers wave their smartphones in front of a near field communication (NFC) reader or tap their credit card to make a transaction rather than swiping and inserting cards into point of sale (POS) devices.
Virtual assistants have further expedited simplified payment processes. Today, users are able to speak to Alexa and Cortana and promptly order products from their preferred online retailer. Although these do not yet render complex orders, vendors are working on improving virtual assistants’ skills to handle complicated transactions. In addition, virtual assistants are empowering users to carry out voice-based banking and bill payments.
However, due to flexibility in performing payments, online frauds are now the new growing hindrance for organizations. Thus, to mitigate such challenges, Machine learning (ML) is playing a crucial role in frictionless payments by assisting companies in identifying fraud and blocking suspicious transactions. This is eliminating the need for a training personnel to review transactions for its authenticity manually. ML along with computer vision technology is also enabling firms to skip checkouts at retail stores while some of the blue-chip companies such as Amazon and Walmart have built automatic transaction systems and eliminated the need of waiting in queues. In addition, technologies like blockchain are further enabling firms to secure transactions by encrypting and validating payments automatically. But, scalability is one of the notable bottlenecks of blockchain, which poses a significant deterrence to mainstream adoption. Absence of requisite domain knowledge has slackened the endorsement of such technology for streamlining the management of transactions. Thus, vendors are developing blockchain-based solutions and providing effective payment services.
Payments’ data is further being used to consolidate various online shopping behavioral data for forecasting future transaction using ML techniques. Such prediction is helping firms to provide targeted ads for their existing as well as potential customers. This has also improved the efficiency of displaying relevant advertisements to users to gain a higher return on marketing investments. The increasing business use cases have led to the growing demand for omnichannel payment processing environment. Case in point, customers can make payment at retail stores and could return products using online services.
On the same note, this edition presents to you, “20 most promising Payment and Card Solution Providers 2019,” featuring companies who are radically transforming the field of payment space. Over the past few months, a distinguished panel of CEOs, CIOs, VCs and the editorial team of CIOReview have reviewed companies in the machine tool sector and have shortlisted the forerunners who are meeting the challenges of the industry head-on.
We present to you, “20 Most Promising Payment and Card Solution Providers 2019.”