Do you still carry cash in your pocket? Increasingly, we are seeing an emergence of consumer behavior drifting towards instantaneous payments made via smartphones. Further, Real-time payments are taking over by facilitating cash flow management and improving customer experience.
An expert panel comprising of Andrew Boyajan (Transferwise), Justin Ferrabee (Payments Canada), Stephen J. Redican (Borden Ladner Gervais), Harinder Thaker (Paytm Labs), Adriana Gilga-Belavic (PwC), Rita Liu (Alipay) brought forth their insights in the domain.
Key Opportunities & Weaknesses below:
- Canada faces a challenge of being far behind Europe and Asian when it comes to embracing Digital
- North America is inherently slower to adopt than the rest of the world as a result of strict security and risk regulations
- Being digital, especially with regards to payments is posed as a challenge to banks, not only from a behavior perspective, but also to ensure that enough data is captured to ensure the payment is secure
- With the increasing collection of data points, there is propensity to reduce fraud as the transaction can be tracked from origin to destination
- The consumer is not always aware of what they desire. New data points collected from digital payment transactions can better help FI's cater their services to customers for a personalized experience
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