The PaymentsJournal Podcast

Small and medium-sized enterprises (SMEs) and the gig economy are both growing rapidly. The gig economy offers contract workers flexibility and opportunities to generate income in difficult times, such as the ongoing COVID-19 crisis that has left millions unemployed. As these sectors of the economy continue expanding, payment companies and marketplace platforms need to be […] The post Identi...

One of the most buzzed-about trends in the payments industry is the rise of real-time and faster payment options. In recent years, more and more consumers and businesses have used novel payment methods to send and receive money faster than traditional payment options have allowed. Interest in real-time and faster payments grew further when the […] The post The Distinctions Between Faster Pay...

With the economy in a precarious and unprecedented situation due to the pandemic, many companies are reassessing their business strategies to adapt to the rapidly changing environment. For some merchants, this may entail bolstering their digital capabilities. For others, this may result in changes to the physical layout of the business. No matter the case, […] The post Businesses in Nearly E...

When people think of innovation in the business world, startups–specifically technology companies–probably come to mind. This makes sense, as these businesses often use cutting edge technology and innovative business practices to disrupt the status quo. In contrast, large enterprise businesses are typically viewed as slowly moving incumbents that are lagging behind on the innovation front. [&#8230...

One of the most innovative and fastest growing segments of the Canadian payments industry is prepaid. Despite the rapid growth and striking innovation, the size of the market and number of companies involved has remained largely unexamined—until now. The Canadian Prepaid Providers Organization (CPPO), a not-for-profit organization representing the voices of the Canadian open-loop prepaid […]...

Payments innovation is no longer driven by huge banks with coast-to-coast branch networks but by smaller, entrepreneurial providers with the vision and passion to democratize payments and embed them into business operations. But how do these startups, innovators, and smaller providers get into the game in a way and at a cost that’s accessible? To […] The post Driving Gig Economy Innovation w...

Banking is a technology business at its very core. Other than the financial shocks and repercussions of the unprecedented COVID-19 pandemic, nothing has shaped the banking industry more in the past decade than developments in financial technology (fintech). To learn more about commercial banking digitization and the shifting focus of banks, PaymentsJournal sat down with […] The post The Grow...

Even though the deadline was extended to April 17, 2021, many fuel merchants are unprepared to meet the upcoming EMV at the pump requirement. Those that don’t upgrade their fuel dispensers to an EMV reader before the deadline face costs and risks. While the COVID-19 pandemic may seem like the wrong time to enable EMV […] The post Now is the Time for Fuel Merchants to Upgrade to EMV Card Acce...

Identity checks during the account creation process are not simply a compliance exercise. They also present a golden opportunity to build trust and loyalty with consumers. By applying the most effective identity verification method based on the level of risk associated with a digital identity and transaction/activity, organizations can deliver an account opening experience that […] The post...

With the global pandemic forcing many physical businesses to close and people to remain indoors, the commerce landscape has been severely impacted. Consumers are often unable or unwilling to shop in physical stores, and traditional payment methods such as paper money are increasingly viewed as potential mediums to transmit the deadly COVID-19 virus. Retailers have […] The post How Merchants...

Digital transformation has extended into all aspects of retail space. Consumers acclimated to the on-demand economy have come to expect convenience, reliability, speed, and an expanding array of options, including choices in payment and delivery. These heightened expectations provide both challenges and opportunities for merchants to grow their customer base. To discuss digital transformation and...

With physical stores shuttered, events canceled, and tourism at a standstill, COVID-19 has reshaped many aspects of day-to-day life. As result, consumers have been forced to shift their spending to online channels. Since March, when much of America began its lock down, e-commerce and other online behavior has shot upwards. Accompanying this uptick in online […] The post This Is What Your Goo...

By forcing people across the nation into unemployment and shattering the profitability of individual companies and entire verticals, COVID-19 has sent the United States into an economic recession unlike any before. Consequently, credit card portfolio management has become more critical than ever. To learn more about how COVID-19 has impacted the credit card space and […] The post Managing Cr...

Every member of the payments value chain is confronted with a bewildering variety of options when seeking to partner with a fintech to retain their competitive edge, reduce costs, and build a better user experience. To solve this problem for its clients, Mercator Advisory Group developed the Fintech RFP Counsel program. In the program, Mercator […] The post Choosing the Right Fintech Partner...

Most financial services providers have mandates to use the cloud for business and payment applications. However, migrating to cloud financial hardware security modules (HSMs) has historically seen hurdles such as regulatory compliance, cost concerns, and infrastructural complexity. Despite these challenges, a financial cloud HSM is a worthy investment for organizations looking to achieve point-to-...

Even before COVID-19, contactless payments were experiencing significant growth. While the United States has been slow to adopt contactless compared to other nations, COVID-19 has contributed to new efforts by consumers to adopt contactless. Other markets, such as Latin America, serve as a growth bed for new payments opportunities and fintechs. By working with the […] The post The Rise of Co...

Even before COVID-19 forced large swaths of the economy to shut down, community banks and credit unions faced an immense amount of pressure. Competition from other local companies was great. Worse yet, these companies also faced stiff competition from larger financial institutions with a national presence and nearly unlimited resources. Consumer expectations were also rapidly […] The post He...

COVID-19 has impacted companies across almost every sector, accelerated the pace of changing consumer behaviors, and brought economies worldwide to a grinding halt. As stay-at-home mandates are slowly lifted and the economy tentatively enters the road to recovery, it is important that financial institutions and other organizations in the payments industry take advantage of crucial […] The po...

The COVID-19 pandemic has had a dramatic impact on consumer behavior and commonplace activities. Thanks to social distancing requirements and changing customer preferences, many banks began promoting in earnest digital banking alternatives. Is this an opportunity for community banks? To discuss the evolving financial needs of customers and what the new normal will look like […] The post Cons...

There are several factors that buyers of identity verification services need to consider in order to select the service that best meets their needs. Even so, a ‘one size fits all’ identity verification approach is still largely being promoted, despite not meeting evolving complexities surrounding the online economy and digital onboarding. Whether a buyer needs […] The post The Value of a “Go...

Nearly everyone in the business world has heard about the importance of customer experience. Unhappy customers lead to lost sales and decreased revenue. Happy customers lead to sustained sales and steady revenue. This simple fact underscores the importance of understanding how a customer feels about a given product or service. While there is significant focus […] The post Understanding B2B C...

One of the most overlooked trends in the payments industry is the rise of the Internet of Things (IoT). From smartwatches to internet-enabled refrigerators, there’s been a proliferation of IoT infrastructure. Billions of IoT devices are coming to market around the globe. These devices collect vast amounts of information and enable a range of payment […] The post Why You Need to Develop an Io...

The past few years have seen substantial growth in the peer to peer (P2P) payments market, with payment apps replacing cash and checks. Friends and family members who want to split the cost of a ride share, dinner, rent, or utilities are enjoying the convenience and speed of these mobile apps. To discuss the growth […] The post The Role of Financial Institutions in Real-Time Payments appeare...

At some point in their lives, many consumers find themselves in the position of having made a transaction that causes their bank account balance to go below zero. When an overdraft occurs, the consumer usually faces fees related to their bank’s overdraft protection service. Those fees can add up quickly if the bank extends this […] The post Banks and Customers Can Benefit through Improved Ov...

Although the business payments environment has seen progress with digital tools in recent years, accounts receivable and accounts payable functions of small, medium, and large companies still predominantly rely on the use of inefficient paper and manual processes. Now, the unprecedented COVID-19 pandemic has increased the urgency for corporates, billers, and financial institutions to replace [&#82...