4 forecasts for security of payments in 2021

In parallel with this pandemic year that, at times, seemed interminable, global economies have adapted and accelerated changes that have had a strong impact on consumer behavior, fraud patterns and risk mitigation needs.

In the projection for next year, I believe that many of the changes that have occurred in digital payments will be maintained.

But the most important thing is that this year's experiences should accelerate innovation and force companies to learn from their mistakes so that they are not repeated in 2021.


Below I list some trends that I identify for the next year:


With new consumer habits, new responsibilities

The habits acquired by the consumer during the pandemic will become the new normal, and commercial establishments will need to update their fraud prevention strategies. According to Visa's Back to Business study, 78% of global consumers surveyed have adapted their way of paying because of a greater security concern. Almost half of them (48%) said they would not buy from a commercial establishment that only offered payment methods that required contact with the teller. I believe that the preferences of these consumers are not temporary and are here to stay.

The role of data management in business transformation


These behaviors will force establishments to innovate to grow and meet consumer preferences. Commercial establishments that invest in new ways to attract customers and pay, such as online, in-app, by approach and IoT (wearable, in-car, smart speakers, smart appliances, etc.), will be rewarded through acquisition of new customers, retention of existing customers and sales growth.

The Linux administrator has an active role in patching, compiling, securing, and troubleshooting Linux servers in a heterogeneous environment. The professional performs system updates and server configurations. 

On the other hand, fraudsters are also entering the online world - some of them, with the support of certain nations. Securing payments is a complex task and not everyone in the industry has the expertise to do it well. Commercial establishments will need to update their fraud prevention strategies to operate an omnichannel commerce and, if they do not have expertise internally, they must turn to effective and reputable partners, capable of delivering results in line with their business objectives and interests.

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