With the world continuously moving toward digitisation, one of the sectors seeing immense growth is the digital payment industry. According to Grand View Research, the global digital payment market is projected to reach $361.30 billion (£320.77 billion) by 2030 at an astounding CAGR of 20.5% during that period. Cashless transactions worldwide are also likely to see significant growth, with an estimated 1.9 trillion transactions to be made by 2025.
In the UK, FIS is a significant contributor to this growing digital payments ecosystem. With technological innovations that are modernising businesses and customer experience, this company seeks to help businesses and communities flourish with advanced commerce. Here are some of its services that are doing just that.
Biometric payments
FIS is leveraging biometric authentication to heighten safety and security in cashless transactions. This service, called 3DS Flex, is meant to help merchants keep the authentication process easy and simple. It makes use of advanced technologies like face recognition and fingerprint for low-risk payments. It also accommodates payment authentication overseas, and not just in markets in the European Economic Area and the UK as mandated by Europe’s Strong Customer Authentication (SCA) regulatory requirement.
3DS Flex was developed by Worldpay, which now operates under FIS. Most financial institutions have already integrated 3DS1, but more are now adjusting to accommodate the integration of the updated 3DS2.1 and 2.2 protocols. This furthers 3DS Flex’s contributions to global eCommerce merchants in reducing cart abandonment, maximising payment authorisations, and preventing fraud.
Advanced card payments
Card payments are a widely accessible and popular payment method. Consumers already find this means of payment preferable due to its ease of use and wide availability. Despite this, FIS is intent on furthering the card payment experience. With their card payment machines, businesses can now accept contactless payments conveniencently, even on the move. They provide countertop, portable, and mobile variations and are compatible with a multitude of contactless payments. These include Apple Pay, Android Pay, and Samsung Pay on top of the traditional debit and credit cards. They are also capable of processing sales, refunds, cashback, and gratuities.
With such great flexibility and convenience, these advanced card readers can accommodate a wide variety of businesses. For instance, with mobile card machines, restaurants and cafes can accept payment right at the customers’ seats. It also heightens safety as they offer SaferPayments programmes which comply with the Payment Card Industry Security Standard (PCI-DSS).
Crypto payments
Cryptocurrencies are increasingly recognised as facilitating efficient payment methods that offer broader choices for consumers. With this, the UK’s Ministry of Economy announced its intention to inaugurate several cryptocurrencies as legitimate forms of payment. FIS has met this shift by launching RealNet Central, a new central infrastructure payment solution that accommodates real-time payments. With this, they have also launched their FIS CBDC Virtual Lab which lets central and commercial banks dip into cryptocurrencies.
This serves as an essential contribution to building the infrastructure businesses need to accommodate the use of virtual currencies in their transactions. By pursuing engagement and international cooperation, the Virtual Lab moves towards standardisation and interoperability of crypto payments.
The demand for efficient payment methods over the last few years has ushered in immense growth and innovation in the digital payments ecosystem. With FIS’ financial services, businesses in the UK are succeeding in partaking in this digitisation movement.
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