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The Evolution of Payments Technology: Five Significant Trends in 2021

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  • Viewpoint
  • Posted by Good ID team (Good ID)
  • 26 February 2021

This article gives predictions on how digital payments will evolve this year

The author writes that the COVID pandemic has accelerated some trends in payment technology, such as contactless transactions and remote customer onboarding, but has slowed down others, such as 5G. The resulting shift towards remote working has also hugely increased the need for security, as cybercrime has sharply risen:

“As employees are becoming more distributed, we don’t always know where people are going to be working from or what they are going to be connected to, which creates an additional challenge.”

The author contends that the processing power of AI means it will be able to analyze increasingly huge amounts of data, and will form a path towards the use of digital identities.

The concept of using technology to create digital identities, all the way from a retailer through the payments mechanism, will enable you to know the consumer more thoroughly using AI and deep learning technologies to assess all of the data points we now have

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