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Payments Trends for 2021: Industry Leaders' Prediction

As the end of the year approaches, after a tumultuous, pandemic-fueled 10 months, publisher Doug Hall and managing editor Jeff Domansky reached out to payments industry leaders for their perspectives and predictions for the industry in 2021.

These industry leaders have pivoted and innovated throughout the worst of the pandemic. They’ve supported their clients, helped their employees work remotely, and still managed to grow their businesses despite enormous challenges. We recognize their extraordinary efforts, their industry leadership, and their many contributions to the payment industry during this challenging year.

SCA coming fast, card not present fraud increasing, fintech evolving

“First, I’m pleased to thank these industry leaders for their predictions for the year ahead and to add my perspective. The SCA deadline is coming fast, after a fifteen-month extension under PSD2 Guidelines. The payment industry is still struggling and looking for solutions as it moves towards compliance. Look for some new and innovative solutions to emerge early in the New Year.”

“Card Not Present (CNP) Fraud has continued to rise alarmingly with the dramatic increase in online transactions as a result of COVID-19. In addition, Account Takeovers (ATO) are up over 200% in 2020. New solutions will be implemented that will accentuate stronger cardholder authentication at the time of the transaction, embracing the latest digital identity offerings, making transactions frictionless and secure.”

“The payments industry will continue to evolve with new technologies and closer collaboration with Financial Institutions (FI’s) who will integrate digital technology to enable an increase in their digital capabilities and adoption of emerging digital products and services for their clients.” ~ Douglas Hall, entrepreneur & Publisher, PaymentsNEXT

Admiration & inspiration

“If I had to pick two words to describe the payment industry during this past year, they would be admiration and inspiration. There are so many businesses and leaders to admire for their efforts to maintain services and go the extra mile on behalf of their customers, consumers, and employees. There is also deep admiration for the innovations that continued in the face of some of the biggest challenges of our industry. We wish our industry leaders and colleagues, their employees, and customers a strong recovery and renewed success in the year ahead. It will be hard-earned and well-deserved.” ~ Jeff Domansky, Managing Editor, PaymentsNEXT

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