Where is Payment Headed?

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I keep hearing this question from senior executives from across all the stakeholder groups and I expect they aren't the only ones asking.

The underlying questions are likely; "what should I invest in?", "should I invest now or wait?", "how will I know when it is the right time?", "how big is the penalty if I get it wrong?" and many more questions. It is said that this level of concern is driven by the pace of technological change and concerns about regulation, but I think there is a bigger elephant in the room.

Add evolving customer expectations to the mix and then look at emerging technologies. Layer that with the new move towards localism and away from globalism and you get the possibility of "one foot over the edge of the cliff". This is where people focus on something they want and assume it will come with all benefits and protections of incumbent products.

Consumers didn't ask, if they thought about it at all, whether they would be covered by the Uber driver's insurance in the event of an accident. Home owners didn't check to see if damages would be covered by their insurance when renting their properties through VRBO, AirBnB or other sites.

We don't live in a world where risk management is part of the everyday lexicon, and for that reason, where payment is headed includes possibilities that range from wonderful to frightening.

I can't wait to hear what payment industry experts have to say at Cardware about the future of payment, as well as how the customer experience will evolve – to say nothing of what they say about regulation. Join me for all three sessions and many more.

Catherine Johnston, CEO, ACT Canada.

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Please note that ACT Canada has zero tolerance policy for suitcasing