5 insights about the future of payments: from AI to cannabis banking

We continue our new blog category “Maxpay in Media” with another insightful interview from Maxpay’s CEO Artem Tymoshenko for The Papers news site. The interview was published after the Money20/20 in Las Vegas at the end of October 2019. It breaks down the main topics of the event – from cannabis banking and AI to the global payment systems and cooperation between Fintech and corporations. 

In this blog post, we have gathered the most thought-provoking ideas from Artem Tymoshenko on these subjects. To read the full interview with more information on the presented issues and topics visit The Papers website.  

The reason Fintech companies thrive in India lies in the amount of unbanked population. In 2019 India became one of the leaders in Fintech adoption, as Indians are more likely to own mobile phones than bank accounts, which opens a lot of possibilities for a Fintech industry. Also, according to the EY Global Fintech Adoption Index report, 99,5% of the population know about mobile payment platforms.

Cannabis banking opens new possibilities for small banks. It is expected that cannabis banking will become more mainstream in the nearest future, with legal cannabis spending reaching over $30 billion in just two years. It means that both banks and PSPs should get ready for it, and smaller banks have an opportunity to use this niche sector to build up the audience, as it’s harder for them to do that in traditional business verticals.

Considering the emergence of a new, banks and Fintechs need to size up the situation and to come up with ways to optimize the payment ecosystem. The concern arose after Facebook announced its cryptocurrency project with Libra digital currency and Calibra digital wallet, the latter was later rebranded to Novi. 

“If you want to know my opinion on a new global payment system, I will agree that if Facebook or Google will implement their currency and make it obligatory to use their services (a matter of time now), the financial market will be affected devastatingly”, – believes Artem Tymoshenko.

AI is an important component in improving banking services. Some banks continue to use old apps that are quite inconvenient for their clients. Meanwhile, Fintechs have set the pace with implementing AI technologies, which provide better and more accessible services for customers. Thus, the banks should also look into AI technologies and be ready to apply these to meet clients’ expectations. 

The key to the payments industry’s development is collaboration and partnership. For instance, big companies reach out to smaller ones for innovative technologies, and the latter use corporations’ massive resources to grow. And, to be successful, Maxpay cooperates with acquirers and businesses. As our CEO mentioned in the interview, one of Maxpay’s mottoes is “merchants first” and by collaborating closely with banks, other startups, anti-fraud platforms, we support it every step of the way.

Maxpay is reminding you that successful online business requires effective payment processing and security for your clients’ info. If you’re looking for a reliable PSP or a gateway provider, contact us.