Money 20/20 USA, which occurred from October 23 to October 25 in Las Vegas, once again had PagSeguro as official sponsors and received our expert delegation in our booth. This is one of the most important – and most exciting – events for payment companies from around the world, and it always shines light on some of the major trends happening in the industry.
So check out some of the hottest topics discussed at Money 20/20 USA and keep up-to-date with important trends and opportunities in the payments world:
Cross-border e-commerce rises even faster than domestic volume in Latin America, and other regions of the world also have their eyes turned to this trend. After all, as online shopping becomes cemented as the priority form of buying today and the market becomes ever more competitive, customers – now savvy e-shoppers – turn their attention toward the merchants offering the best product and pricing options, even if they are foreign sellers.
This means that companies must be prepared to understand the payment landscape and offer the necessary methods and processes for their foreign customers. In PagSeguro, for example, we focus on allowing worldwide merchants to offer over 140 local payment methods in 17 Latin American countries, thus creating a smooth and local-like experience for their end-users.
Open Banking allows the customer of a particular bank to let other institutions access their data and banking history, bringing more transparency to the customer-company relationship and making it easier for competitors to generate more customized offers. In addition, the client will be able to manage their operations through third-party apps, not being tied to the account-holding bank’s app, effectively composing services according to their convenience, and handling everything with simplicity.
The model is very promising in Brazil compared to other countries, and as the project advances and is pushed further by the Central Bank, other Latin American countries could soon follow suit and open up the landscape to new, innovative financial solutions.
Artificial Intelligence (AI)
Artificial intelligence might be the hottest topic related to technology right now, so of course it could not be missed from all the discussions at Money 20/20 USA. AI has not only great potential, but proven utility for the payments world, helping companies understand customer behavior, fraud patterns, and create better processes and experiences.
It could also, of course, open up the space to new solutions even more tailored to customer needs and demands – and as the market becomes more competitive than ever, it could represent extraordinary differentials for companies wanting to push the envelope.
KYC and operational efficiency
Tied to the topic of AI, operational efficiency – and Know Your Client (KYC) processes in particular – were also heavily present at the Vegas event. After all, they tie to two major priorities of today’s businesses: smooth processes all-around and robust compliance.
With 97% of decision makers considering automated payment operations to be beneficial to their companies, and security and data privacy being more important each day, investing in operational efficiency and strong KYC and anti-fraud measures is key to reach new markets and take your business to new heights.
That is one of the reasons why, here at PagSeguro, we invest so heavily in our Smart Fraud Prevention feature and in our technology, which ensures 99.9% system availability. If your company wants to boost business in Latin America, those qualities are fundamental.
As you can see, the topics discussed at Money 20/20 USA are a consequence of the main priorities right now for companies and the main demands and preferences of their users. So to ensure a payment processing operation in tune with what you need, click below to talk to our experts and get started with the best payment partner for you in Latin America right now: