From SMEs to large enterprises, business leaders and CFOs are running to keep up with the latest pay technology (PayTech). Introducing February’s Question are the experts at NatWest.
Mark Brant, Chief Payments Officer at NatWest comments:
The further potential of open banking
“2024 needs to be a year of progression and conviction. It will take time to develop and build a critical mass of industry participants to drive adoption, especially of elements like VRP which needs to move beyond sweeping mandates.”
Digital wallets and the impact of BigTech
“Digital wallets will continue to change the nature of consumers’ relationship with their financial services provider. BigTech in particular, is redefining not just payments, but financial services more generally and will build out their consumer proposition using adjacent services like Open Banking. We expect to see more data and credit driven products being developed by BigTech over the next 12 months.”
Tackling fraud and scams
“Scams need to be tackled in a comprehensive way, including the place where the crime begins BigTech will be an area of focus (c. 87% of all APP scams begin on ‘tech platforms’). The online fraud charter goes some way to doing that.”
Regulatory alignment to accelerate growth
“UK regulations support the UK payments landscape creating confidence supporting continued investment, choice, and innovation. However, greater alignment is needed.”
Lee McNabb, Head of Group Payment Strategy at NatWest comments:
Digital currencies/assets
“Work will continue to better understand the opportunities and challenges of digital currencies – especially CBDCs. This will be supported by wider industry collaboration to explore alternatives (Regulatory Liability Network).”
National payments vision – The Future of Payments review
“The new national payments vision will provide an opportunity for the industry and regulators to coalesce on the key challenges facing the industry to ensure the UK stays relevant and market leading.”
Mike Elliff, CEO of Tyl and Payit by NatWest comments:
Tap to Pay
“The high street is evolving. Pop-up shops are on the rise, the mobile workforce is becoming more prevalent, and we see Tap to Pay becoming more popular across 2024 due to the convenience it offers merchants. Tap to Pay aids businesses with seasonal or unpredictable revenue flows, providing merchants with a payment solution with no upfront costs or monthly fees.”
Streamlining online payment experience
“Payit offers open banking solutions which removes the need to share and store card details, removing yet another step. By introducing new functionalities such as VRPs (Variable Recurring Payments), Payit is creating new ways of streamlining online experiences.”
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