Guillaume Lefevbre, Head of Customer & Payment Xperience at Worldline LABS discussed his thoughts on the several topics, but most notably his views regarding the Internet of Things (IoT).

Lefevbre said: “In recent years, the financial sector has undergone a significant transformation, spurred on by technological advancements and emerging trends that challenge conventional banking and transactional and consumer behaviours. Systems, which include contactless and mobile payments, instant transactions, and open banking, Machine Learning (ML), biometric authentication, Web3, and IoT, are altering not only our business conduct but also our vision of the commerce of the future. These technologies extend beyond mere problem-solving, adding extraordinary value to businesses and providing them with a competitive edge in the market.

“A transitional move towards a cashless society, propelled by the convenience, speed, and security offered by digital payments is in motion. As we progress, striking a balance between the benefits of these technologies and their potential societal and environmental implications is vital.”

The impact of IoT on payments

While IoT is a hot topic across many industries, including financial services, Lefevbre drew attention to the impact that IoT would have on the future of payments. He commented: “The integration of the Internet of Things with AI for autonomous payments is set to further revolutionise the industry. Devices such as smartwatches, connected cars, and smart home systems can seamlessly initiate transactions, leading to what is now termed as “invisible” or “autonomous” payments, executed without human intervention.”

Lefevbre summarised by saying: “Therefore, the financial sector’s transformation is a testament to the powerful impact of technology on traditional industries. The shift towards digital and contactless payments, accelerated by the global pandemic, signifies a new era in financial transactions, where convenience, speed, and security are paramount. The integration of innovative technologies like blockchain, AI, ML, biometric authentication, Web3 and IoT, is redefining the payment ecosystem, offering businesses a competitive advantage and enhancing customer experiences.”

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By GlobalData