Trends in Payment Technology in 2020


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In 2020, the payment technology landscape is set to become increasingly digitised, more focused on the customer experience than ever before, and progressively cross-border efficient, as the digital-first generation hits its prime spending years and the vast majority morph into cashless consumers. Cash is quickly losing ground to plastic and electronic payment methods: in the UK, only 34 percent of payments were made in cash in 2018, according to UK Finance, with debit cards overtaking cash as the most popular payment method the year prior. But as the payments universe expands and as governments grow their support for financial inclusion by promoting non-cash payments, the payments technology world is moving closer towards becoming a unified, centralised, open ecosystem – one that puts user convenience and the customer experience first.

Be it through enhanced security for card users, more efficient ways to pay for products or services or the shift towards an invisible, frictionless payment experience, customer experience (CX) will be without doubt the prime competitive differentiator in 2020. Banks, card firms, BigTechs, FinTechs, and other players are constantly developing new technology to make the CX seamless, and in many instances customers won’t even have to input their information to pay over the coming 12 months. Uber is the first to implement this ‘invisible’ payment transaction, by keeping customers’ information on file and simply charging them automatically at the end of every ride or delivery, not even using the word “buy” to initiate the transaction. This ‘eWallet’ experience will define the future of cashless payments, starting now, while biometrics could also possibly take centre stage in payment technologies over the coming decade. In 2019, we saw the first ever biometric fingerprint credit card issued by a British bank, and as payment providers look to increase security measures in response to the increasing sophistication of fraud tactics, biometrics data is going to become even more integral to the payments process. Already, smartphone providers and app developers have embraced facial recognition and fingerprint technology, and 2020 will see more and more solutions that offer multi-biometric identification payment technologies among them.

While we’re on the topic of security, the increasing abilities of fraudsters and hackers will be a hot-button topic in 2020, forcing non-traditional payment providers to take innovative and extensive measures to protect consumer data. The simple truth is, fraudsters are getting smarter, and balancing CX with data security is going to be a critical challenge for payment providers this year. Thankfully, they too are becoming smarter: payment solution providers have begun to experiment with the use of artificial intelligence (AI) in fraud prevention.

As experts will attest to, financial fraud is becoming increasingly complex and fraudsters are now relying on machine learning to bypass security solutions and execute cybercrime. Outdated fraud detection systems are no longer cutting it, but by contrast AI-driven approaches can detect fraud by uncovering anomalies, while satisfying businesses needs at the same time – something that cutting edge, fast growing fintech payments issuer, processor and programme manager EML is prepared for. Over the next 12 months, it’s thought AI will become absolutely integral to fraud risk management for business.

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EML Payments, a market leader in global payment solutions, has garnered a reputation in compliance and anti-fraud technology and manages more than 1,400 programs across 23 countries in North America, Europe and Australia. Among the Brisbane-based company’s payouts, gifts, incentives and rewards and supplier payment solutions are its highly secure mobile and virtual cards – proven to be more effective in terms of fraud protection since each card is only good for a specific payment, and they are sent directly to the email address confirmed in the enrolment process.

While CX and fraud prevention will become much more important in 2020, companies will have to respond to increasingly complex regulations on data protection and payment usage at the same time. The GDPR in the EU and the CCPA in California have paved a path that will very shortly be followed by other jurisdictions – and the implications on data usage and consumer protection will be enormous. It won’t just be the financial services industry that will feel the impact: a huge number of industries will need to think very seriously about how they interact with data, and the ramifications of not doing so will be extreme.

Perhaps the most significant change we will see in the payment technology space in the year ahead is that the digital-first generation will comprise the majority of spenders, in the U.S. at least. Marketers have been targeting the younger generations for a few years now, but in 2020, millennials and Gen Z will truly hit their stride in terms of spending power. What this means is that more money will be transacted via non-traditional payment methods than ever before, and to keep up with the demands of this massive group of consumers, businesses will need to innovate and become fully digital so as to appeal to these big-spenders – or risk falling very far behind.

Merits and Value of Different Treatments for Chronic Pain Management

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It is a natural part of life that as we get older, our bodies begin to behave differently. Aches and pains sometimes begin to take effect, changing the way that we go about our lives. For some individuals, the disruptions of experienced pain to daily life are relatively mild (if they experience disruptions at all, that is), however for others what starts out as mild to moderate aches and pains eventually become more sinister, negatively impacting an affected individual’s life in undesirable ways. Over time, if not properly dealt with in due time, these progressing pains can become chronic, festering into debilitating pains that make life incredibly uncomfortable (to say the least) for the affected individual. Dealing with chronic pain is never a fun experience (to say the least). As one gets older, it is a natural part of life that pain begins to come into life sometimes, however it is also important that everyone acknowledges that there are ways to address chronic pain, each of which have merits.

There are multiple different treatments for chronic pain out there, each of which have their own merits and value. More than ever, it is important to not only pay attention to this fact but to work wholeheartedly towards a healthier future in regards to not only chronic pain management, but practically every other aspect of health, wellbeing, and overall quality of life. As individuals struggle with managing their own experiences with chronic pain, it helps to have even a basic understanding of how others handled chronic pain and if their approaches could possibly work. However, first and foremost, anyone experiencing chronic pain should always see their doctor so that they approach chronic pain from a professionally accredited and prescribed approach. Failure to do so can in fact make the chronic pain even worse. However, it never hurts to have an idea of your chronic pain management options.

Prescribed medicines and treatments are obviously one approach to handling chronic pain. For decades, this has been the primary approach that westerners have taken to addressing not only chronic pain but practically all other examples of health and wellbeing ailments and struggles. Whether it is a prescribed medication, a physio consultation, or even an acupuncture appointment, the underlying point is that these are all treatments and solutions for chronic pain management that are well practiced and strikingly familiar to the majority of individuals – especially westerners. While these traditionally recommended and prescribed methods and models of chronic pain management are highly effective for many individuals suffering with chronic pain, the simple fact is that they are not always entirely effective. This is why other treatments and solutions for chronic pain management are necessary. What does not work for one individual will be the perfect solution for another, and so the necessity for options is more predominant than ever.

This is where the relatively fresh (at least, by western standards) controversial treatments for chronic pain come into play. Said controversial treatments and solutions for chronic pain are not any less effective or genuine than the western medicines that we are so familiar with. The only difference is that there is a distinct gap in the level of understanding that we have surrounding alternative medicines and treatments. Over time, this gap will steadily close. These days, more and more individuals suffering with chronic pain are opting towards more natural treatments. From investing in the best CBD oil on the market and opting for ancient Chinese herbal medicines to investing in reiki healing sessions, the point is always the same. That point is that alternative approaches to adequately and appropriately treating and even healing chronic pain are becoming more popular over time. For so many individuals, these more alternative approaches are working their magic. At the end of the day, it essentially comes down to a case by case basis. 

As the human body ages, it inevitably begins to go through the motions of ageing, one of which is the aches and pains that sometimes begin to work their way through an individual’s body. While some individuals are fortunate enough to make it through their lives without experiencing little more than some mild aches and pains, for other individuals aches and pains can gradually become worse and worse over time, becoming chronically painful. This is exactly how, when, and where treatments and solutions become so important for affected individuals. And more and more these days, alternative medicines like CBD oil and other herbal medicines are quickly becoming more and more popular while traditional approaches to treatment for chronic pain are getting better and better all the time. Regardless of the approach that one takes to addressing their chronic pain, appropriately addressing chronic pain is necessary to both work through the pain and work towards a painless future.