Electronic Payments International: Cognizant’s Vice President and Head of Banking and Financial Services in the UK & Ireland Writes About Embracing the New Revolution in Payments Technology

“Every few years, advancements in payments technology significantly disrupt how we shop,” says Tony Virdi. “Credit cards reduced our reliance on cash, online banking led to the decline of the check, and now mobile payments are poised to be the next major turning point: potentially the decline of the plastic credit card as we know it. So what lessons can other businesses take from companies like Tesco, Apple and Swatch’s readiness to embrace this new revolution in payments technology?” Excerpts:

“For all organizations, it’s crucial to understand what makes consumers tick, so that they can meet demands, build loyalty and even predict what they might want next. In today’s socially connected world, there is a wealth of digital information that surrounds everyone—what we call Code Halos—that can be tapped into. By analyzing this data, businesses can personalize products or services in more meaningful ways and build a strong sense of customer insight and loyalty.

In their flurry to innovate, companies need to ensure they have robust security in place, especially when financial information is involved. In a world where even major corporations are subject to hacking and personal data being compromised, it is crucial for any organization to put significant time and resources into security. Companies that fall victim to attacks take time to rebuild customer trust and confidence.

Ultimately, the success of new payment technologies will depend on customer and retailer acceptance. After all, if customers demand mobile payments to run better, retailers will have to follow suit and adapt by running differently to provide an innovative, workable and robust approach. If mobile payments prove to be successful, and I believe this is just a matter of time, we will look back on this moment as a pivotal, disruptive moment in the retail payments industry, and one that all businesses can learn from.”

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