Entering a new era the payments industry’s transaction has changed as we separated physically due to the pandemic, digital commerce is booming. The way the consumers will transact will be the same even after the pandemic subsides as it was already underway long before the pandemic too.
The competition from telecommunications and technology industries to provide a faster solution of payment services , digital transactions being faster and continuing to disrupt other traditional payment methods can be seen in the last year.
Initiatives on focusing on payments for being a catalyst for the financial inclusion can be seen more as we recover from pandemic. Indian. Brazilian and Mexican markets are making real time investments with the goal of expansion economic inclusion and opportunity.
From streaming data for real time processing to distributing ledgers for new forms of stored value, the importance of burden reduction is seen and all this will be possible by shining light on community based approach on creating technology.
In order to make financial inclusion a reality, there must be a shift to all-digital commerce but with this there will be an increase in competition and more pressure on the traditional methods of payments. Cloud native tools will allow the new entries and help them to run in a more effortless and efficient way reducing the costs. This will act as an increasing point in both volumes and payments. Productivity has massively improved with the rapid evolution of cloud technology powered by open source technology and has reduced cost and disrupted industries.
In the next five years there is an anticipation that there will be more than half a trillion transactions will be processed over real-time networks across 30 markets. There will be a faster settlement of payments with minimum or no delay and this would attract more and more customers with more business. Beyond just moving the money immediately to and from different sources , the real time payments brings standards of messaging , access to data and better security which will make it more accessible to people.
In order to provide speed and resilience needed for an efficient payment service, cloud technology is very necessary. Acting as the foundation for modern payment modes, it automatically adjust itself to transaction volumes and based on the transactional volumes it also takes corrective action after finding issues.
In the future more companies will be adopting real-time payments , rely on data streaming technology such as an open source project which brill provide a good infrastructure on stream the data like Apache Kafka.
After facing many ups and downs with cynicism and various types of hypes now the financial sector is seeming to be improving at a great pace. The central bank is acting as a tipping point from experimenting to putting it into practical used the services they provide to their customers around the globe. And it is different than JP Morgan’s Liink network and Visa’s B2B Connect, as these run on distributed ledger technology. Due to the pandemic outbreak the central banks were forced to commission amount to the places which are hit hard.
With the cloud technology the real time is the actual reality.