23 Feb 24

The Future of Payments : How Technology and Consumer Needs are Reshaping Transactions


The future of payments is an intricate tapestry woven with technological advancements and expert predictions. Through the lens of the sentiment paper by Ingenico & Finextra, and complemented by Ingenico's own research, this blog delves into the perspectives of Pettican, Frisby, and Glickman, unraveling the complexities and innovations in the payment sector.

Digital Transactions and Emerging Payment Methods

Marc Pettican, Head of Barclaycard Payments, notes:

Cards will continue to account for most payments, but we’ll see digital transactions enhanced by different technology innovations such as digital wallets, tokenisation and QR-codes. New payment methods (such as Buy Now Pay Later and Open Banking payments) will continue to exhibit high growth rates but from a lower starting point, so we need to see how these payment types scale with time.
Marc Pettican, Head of Barclaycard Payments

Pettican’s observation underscores a significant trend: the persistence of card payments coupled with the rise of digital transaction technologies. While cards remain popular, the integration of digital wallets, tokenization, and QR codes signifies a shift towards more secure and user-friendly payment methods. The growing popularity of BNPL and Open Banking payments, despite their nascent stage, indicates a market leaning towards more flexible and innovative payment solutions. The key lies in observing how these newer methods scale and integrate with existing systems.

In a recent blog Time for Retail 2.0: How Android can help take retail to the next level”, Managing Director Ingenico Iberia & Africa Markets, explains that Android can enhance the customer experience and generate additional revenue in sales thanks to the use of QR codes for efficient communication in customer loyalty programs, digitalization in-store to offer an omnichannel experience, and utilizing Android-based data for efficient store management. This technology enables a more connected and seamless shopping experience, from loyalty programs to payment processing.

AI (Artificial Intelligence) in Merchant Services

Later in the paper, Scott Frisby, Head of Strategy at Elavon, states:

We think that AI will help merchants in two ways. One of them is servicing- information-rich frequently asked questions. Think of it as a dynamic FAQ. The other way is being able to deploy those better business outcomes, recommendation engines for the next thing that you can do from a business perspective. From a product perspective, i.e. ‘This is the product that you should be promoting’, indicating what other merchants in your category are selling goods for, and whether you're underpriced to the market, overpriced to the market- so, price benchmarking, transaction time benchmarking.
Scott Frisby, Head of Strategy at Elavon

Frisby’s comments highlight the transformative role of AI in enhancing merchant services. By turning FAQs into dynamic, information-rich resources, AI can significantly improve customer service efficiency. More importantly, AI’s role in driving business outcomes through recommendation engines and market analysis tools like price and transaction time benchmarking presents a major strategic advantage. AI is not just a facilitator of better customer experience; it is a tool for comprehensive business intelligence and market competitiveness.

Artificial Intelligence isn’t the only next-generation technology that can boost Payments. In an article from last September Revolutionizing Payments with Palm Vein Biometrics: A Conversation with Michel Leger, CTO of Ingenico, the Chief Technology Officer introduces Palm vein biometrics, a cutting-edge system that utilizes the unique patterns of veins in your hand to enable seamless, secure payments.

Diversity of Payment Options

Philip Glickman, formerly Managing Director at J.P. Morgan, remarks:

What we are seeing is individuals clamouring for multiple payment options, whether it be WeChat pay, Alipay in Hong Kong or China, whether it be UPI in India, whether it be a local method of payment, for example, here in Singapore like PayNow, that's what we're starting to see more and more clients asking for. I think particularly in Asia, the days are gone where you can just offer MasterCard, Visa and AmEx across the region. In Europe to a certain extent you still can, and in the US, UK, but in Asia, Middle East, Africa and so on. I think you have to really focus on the local methods of payment.
Philip Glickman, formerly Managing Director at J.P. Morgan

Glickman’s insights bring to light the increasing demand for diverse payment options, particularly in Asia, the Middle East, and Africa. The shift from reliance on traditional credit card giants to local payment methods like WeChat Pay, Alipay, and PayNow reflects a broader trend towards regional customization in payment solutions. This indicates a need for businesses to adapt to local preferences and diversify their payment offerings to stay relevant in different markets.

To add up to these insights, Paolo Temporiti, the Head of Italy, CESEE & Middle East at Ingenico, explored Italy's rapid transition from a cash-centric society to one embracing digital payments in the blog "The Italian Leapfrog: From Cash Lovers to Innovative Payment Adopters".The post highlights the impact of contactless payments and the role of smartphones and smart devices in this evolution. Temporiti also discusses how Ingenico's solutions, like the SmartPOS and AXIUM Android range, are adapting to these changes, ensuring security and innovation in payment methods. This testimony acts as a confirmation of Pettican’s quote prevision about new payment methods.


As we conclude, it's evident that the future of payments is a complex interplay of technology, consumer preference, and market adaptability. From the persistence of card payments to the groundbreaking integration of AI and diverse payment options, the insights from industry leaders and Ingenico's explorations paint a vivid picture of an evolving financial landscape. Staying attuned to these changes is crucial for businesses and consumers alike, as they navigate through this exciting era of payment revolution.

Get your free copy of Ingenico & Finextra paper now

Lucie Le Lourgant

Lucie Le Louargant

Marketing Programs Manager


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