Innovation in Payments
The payments landscape has been radically transformed by new fintech technologies. At Plug and Play, we connect corporations to a carefully selected list of startups in the payments space.
The adoption of contactless payments is increasing, with NFC or QR-code technologies growing. Digital payments solutions are becoming a key focus area for corporations and startups, and they’re giving access to financial services to the previously unbanked.
Innovation in the payments area is focused on building a frictionless customer experience. Cashierless technology is being implemented in an increasing number of shops. This trend can make the customers’ experience more seamless and faster.
With the rise of digital payments, there are also more opportunities for fraudsters. Fraud detection and more robust identity methods are being prioritised to ensure a safe and seamless customer experience.
Adopting contactless payment into the Brazilian economy
"We have seen the speed in the adoption of contactless payments and NFC, but here in Brasil, due to the need of giving this aid to people, we have also seen the high adoption of QR-Code technology.
Since we assisted the government in giving money to people in a vulnerable situation, they did not have access to cell phones and devices that were able to pay with NFC, because we’re talking about people with low income. So QR-Code was the decision and way to go, and in less than 10 months, we have gone from zero to 100 million QR-code transactions. These people were able to make purchases and use the help given by the government.
The global pandemic has caused a shift not only towards NFC, as we have seen in other countries, but also towards the usage of QR-code based payments.
I am convinced that the changes we have seen in terms of payments technology adoption here in Brasil will continue to grow exponentially. Now that the people have seen the benefits of adopting certain technologies, I don’t think we’re going to go back to pre-pandemic stages when it comes to NFC acceptance, e-commerce growth or QR-code payment solutions.”
Raissa Nouh, Digital Payments Superintendent at Cartao Elo
Top 5 Startups expanding the way consumers make Payments
Developer-friendly payments tool that gives you full freedom of customizing how you make and receive recurring, bulk or single payments.
Rapyd is a payments platform that inserts fintech services into any app and simplifies the complex offering of local payment methods.
Wise is a money transfer service allowing private individuals and businesses to send money abroad without hidden charges.
GoCardless is a payment company that makes collecting payments by direct debit easy for everyone.
Checkout helps companies accept more payments around the world through one integration.
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