The future of payment methods are in constant development – PYMNTS.com

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Carl Churchill, Managing Director of technologi, discusses payment method development with PYMNTS.com. Providers will need to shift their attention beyond terminal sales and shopping plugins to the core processing businesses that are doing so well at the moment, buoyed by the pandemic and the surge in contactless transactions. 

“You make drastic decisions about your payments business today to try and support what you think the future of payments is going to look like,” Carl said. 

Consider, for example, the changes at Sam’s Club and at Costco, where “scan and go” features are rapidly gaining traction. Those payment features have a dual benefit for the big box retailers, said Churchill. On the one hand, they streamline commerce for the shopper. 

In developing new products and services, he said, acquirers, in their never-ending support of merchants, should always have few “moon shots” in the hopper.  

Or as Churchill said, “they should always have a few products in development that are speculative … sometimes those are the products that wind up becoming the most successful,” and lead merchants to embrace new payments methodologies, rather than waiting for clients to come to them with suggestions. 

Asked by Webster what some of those moon shots should focus on, Churchill said that mobile payments should be top of mind, as should analytics on the back end that offer real-time insight throughout the payments ecosystem.

pymnts.com – April 6, 2022

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