As the Apriva team returns from ETA TRANSACT in Las Vegas, we are inspired by the growth in the payments industry over the past 25 years. TRANSACT 17 was ETA’s largest conference to date, with over 4,000 industry leaders joined by journalists, entrepreneurs and venture investors, all gathered to explore the future of payments. In addition to the educational opportunities, we noticed a few payment trends worth mentioning . . .
The Necessity of Omnichannel Solutions
The overall message to acquirers was to provide broader, omnichannel solutions to stay competitive in the payment space. Omnichannel solutions provide a more cohesive customer experience, resulting in a higher volume of transactions and repeat customers. Payment technology has advanced to where acquirers can use one payment gateway or processor to process transactions from multiple platforms. Here, “omnichannel” does not simply mean the addition of an analogous e-commerce path, but seamlessly integrating payments from mobile devices, unattended kiosks, vending machines, POS terminals in retail, restaurant, or other locations, even recurring payments through one platform.
Advancements in Payments Require New Security Diligence
Connectivity and alternative ordering methods are trending in the consumer market. Houses are now able to connect to the internet through devices such as Amazon Echo, where consumers can order products directly through the device without re-entering payment information, and the Internet-of-Things (IoT) is emerging. With these trends, payments will present a challenge for risk management within the industry, fostering innovative low-risk device development and new security standards and protocols.
Independent Software Vendors (ISVs)
Integrating payments into software solutions and applications remains a growing theme for both Apriva and the larger ETA community. We met with many attending ISVs eager to learn about APIs, SDKs, and other programmatic paths to quickly integrate their software solutions into a secure, PCI-compliant payment platform. Integrated payments have moved from being strategic goals to tactical operations as software providers focus upon security and flexibility for their merchants.
Developer Portal Initiatives
As the number of developers grow, so do the requirements for developer portals. Portals need to be useable 24/7, which generally requires a self-service feature. Open environments enable developers to correct issues and make changes in the freedom of their own schedules, above and beyond telephone support hours.
The Electronic Transactions Association is the leading trade association for the payments industry, representing over 500 companies worldwide involved in electronic transaction processing products and services in its efforts to influence, monitor and shape the industry. Apriva is pleased to be a member and grateful for the opportunity to showcase our solutions at TRANSACT 17. We look forward to next year’s conference!