Business Day Payments 

YOU SPIN ME RIGHT ROUND

If money makes the world go round, then perhaps it’s no surprise our world seems to be spinning out of control. The proliferation of technology and infrastructure in the payments ecosystem is dizzying, with ­ financial services providers (FSPs), businesses and consumers racing to implement faster, more secure and more convenient ways to move money around.

In this inaugural edition of Payments, we look at a host of the key trends influencing this space. Artificial intelligence (AI) is, unsurprisingly, having a great impact, particularly in the fraud prevention space – this is crucial considering that AI tools are increasingly being employed by criminals. AI is dependent on good data, which FSPs collect in abundance, representing a golden opportunity for organisations to understand their customers and the ecosystem at large by applying payment analytics. Consumer data is being used to establish digital identities, which represent a more secure way of establishing that someone is who they purport to be, but numerous regulatory and technological challenges remain. Digital currencies are also evolving, with South Africa’s cryptocurrency landscape moving beyond just investment speculation, while central bank digital currencies represent a new way for people to transact with ­ at currency. Digital payments are transforming transactional habits across Africa, not least of all by promoting ­financial inclusion and enabling new ways of doing business.

These are bolstered by a range of ­ fintech advancements that aim to make cross-border payments cheaper, faster and more transparent, ultimately boosting intra-African trade. We also look at embedded payments, core ledger technology, cloud-based point-of-sale systems, digital wallets and more.

Considering how much time we spend spending money, browsing this magazine might be time well spent.

Anthony Sharpe, Editor