Malaga, January 2020.

The entry into force of the new European directive on security of payments or the increase in cashless payments will mark the next 12 months. Easy Payment Gateway, the Spanish payment and fraud management services aggregator, anticipates what the trends in the payment industry will be in 2020.

These are the seven key trends:

  1. Open banking. The entry into force of the new PSD2 regulation will allow new players to implement operations that were traditionally relegated to banking. Today, many entities already offer open interfaces between different banks, allowing customers to transfer payments, split bills or pay them effortlessly and without cost. In addition, new payment solutions will appear from companies that currently lack them, such as Facebook, WhatsApp or other social media apps.
  2. Increased security thanks to methods such as 3DSv2. The solution will involve combining advanced authentication methods such as 3DSv2 or biometrics with artificial intelligence. Easy Payment Gateway integrates more than six fraud detection companies and KYC providers so that customers can create their own rules for detecting fraudulent transactions. In addition, its next step will be to include artificial intelligence algorithms and the figure of ‘sentinels’, virtual security agents. On the other hand, tokenization, which assigns a unique code (token) to each transaction, will prevent fraudulent use of the cards, as each payment will require a different token. The Easy Payment Gateway solution already includes card tokenization for each customer payment, something that could have prevented data theft during the recent RevengeHotel malware attack.
  3. More data analytics. Transaction data analysis will become increasingly common, offering new opportunities to create improved experiences. It can also help the company expand into adjacent markets and anticipate changing user needs. “One of the goals is to be able to offer instant and personalized payment experiences by country or even by customer type,” says Alex Capurro, the founder.
  4. Acquisitions and mergers are increasing. Payment companies will expand into adjacent markets or new niches through acquisition or collaboration with companies focused on providing software as a service (SaaS). This strategy will help drive payment volume by integrating features into SaaS solutions.
  5. Standardization of flows. The increasing globalization of payment processes results in a need for new standards to govern the flow of money and protect customer information. Companies that facilitate transactions between regions can see this as a challenge, as each country has its own schemes and different ways of sending money across borders. Payment companies thus face the introduction of new ways and open solutions in 2020.
  6. Decline of cash. In 2020, there will be a further increase in non-cash payments. Therefore, Easy Payment Gateway adds more than 240 different online payment methods.
  7. Biometric authentication. Consumers will increasingly use their fingerprint in the coming years to unlock their mobile phones, authorize banking transactions and pay for their purchases. In this sense, Easy Payment Gateway has mobile software development kits, which provide EDSv2, adding an additional layer of biometrics that can already be used to increase customer security.

Manuel Prieto, CEO of Easy Payment Gateway concludes, “Our philosophy is to help businesses create the best possible customer experience. We do this by providing global, agile and secure payment methods”.

 

About Easy Payment Gateway

Easy Payment Gateway is made up of a multicultural, multinational and multidisciplinary team of 40 people with a common mission: to make your EASY payments. The platform is capable of meeting the needs of rapidly evolving corporate companies that require building complex payment architectures and fraud rules, with the aim of helping them grow.