December 20166From being mere one-on-one transactions between merchants and consumers, the payments ecosystem has today evolved into a complex web comprising gateways, acquirers, processors, and card networks. Payment technologies like mobile wallets, on-demand apps, and Near Field Communication (NFC) are transforming how money is being transacted. Moreover, being in the age of millennials, the industry needs to quickly adapt to the payment processing changes that users have come to expect.While mobile payments have become a key part of the payments industry, many businesses are still not prepared to embrace it. Given the lasting impact left by the growing simplicity and ubiquity of digital platforms on consumers, there can no longer be any uncertainty around adopting mobile payments. As m-commerce's significance continues to rise, ensuring user convenience and removing friction from the checkout process is crucial. Mobile payments will be a game-changer in 2017; but firms that fail to optimize mobile checkout to make payments as seamless as possible will fall behind.In line with the growth of digital payments, the balance of power is continuing to shift in favor of credit cards. Driven by regulatory changes in interchange fees and the attempt to become less cash dependent, card sales are soaring. Moreover, small business owners--who had been hesitant to upgrade to EMV--are seen to be embracing EMV terminals today. As businesses strive to lower the number of abandoned carts, they are also on their toes to prevent any cybersecurity mishaps. Biometric authentication and tokenization are making security in NFC transactions far superior, while innovative approaches like finger vein scanners--though still in its early days--are aiming to improve security while ensuring user convenience.With the next generation of payments bringing in a new set of challenges and opportunities, Banking CIO Outlook presents its Payment and Card special edition featuring insights from industry thought leaders and highlighting innovative solutions. We hope this edition will help your organization capitalize on and monetize the opportunities.Let us know your thoughts. Copyright © 2016 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.DECEMBER - 15 - 2016Mailing AddressValleyMedia, Inc.44790 S. Grimmer Blvd Suite 202, Fremont, CA 94538T:510.402.1463, F:510-894-8405 DECEMBER - 15 - 2016, Volume 02 - 09 Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464PAYMENT & CARD TECHNOLOGY SPECIALBrian Thomasbrian@bankingciooutlook.comVisualizerMidhun RajManaging EditorJames RobertsonThe New World of PaymentsJames RobertsonManaging Editor editor@bankingciooutlook.comAaron PierceJem ElizabethNiko AltonEditorialAva Garcia Joshua Parker Shiv Shanker
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