Any type of card, via any type of channel, for any type of business. HPS (Hightech Payment Systems), a leading Moroccan company selling electronic payment solutions, has just held its 8th meeting of PowerCard users. This global community offers a mix of insights and experiences, useful for shaping this payment industry.
“The club helps to standardize cross-communication between all members,” said Mohamed Abbadi, its secretary general. HPS, which recorded the best performance on the stock market in 2018, aligns references such as American Express, Barclays, the French Credit Agricole and the latest, Societe Generale.
Some 400 payment industry experts from more than 70 countries gathered in Marrakech. Recent improvements and major trends were at the heart of this time of exchange between banks, payment operators, international institutions and independent experts.
The market is expanding, initiated by customers increasingly connected and therefore volatile. According to the GSMA report, 866 million mobile money accounts were recorded in 2018. Each year, it is almost 13% increase in cashless payments in Europe, and 23% in 2023.
“Digital is a historic opportunity for the advent of electronic payment,” says Mohamed Horani, CEO of HPS Morocco. “Both consumers and businesses need these new services,” adds Jeroen Hölscher, expert at Capgemini. But there are conditions.
Trust and security of data and operations. “Users are impatient and want free services. They have no reluctance to share information, and struggle to see the consequences. These are all useful data for the improvement of electronic money services “, insists Hölscher. So no room for amateurism.
“We need to innovate, but first and foremost ensure that the system and architecture are always on the go, so there’s no flaw in the customer experience,” says club president Garry Caeplen. Especially since everything must be instantaneous, the payment but also the services, the programs, the loans … Liz Lumley, director of financial technologies and content at VC Innovations & FinTechTalents, raises the need to have “standards that cover all industry.
The world of the Fintechs is extremely fragmented. How to obey the same rules remains the big challenge. Other avenues have been raised such as the implementation of litigation management processes and monitoring to detect any anomaly in real time.
“We have to be predictive to know where the blow may come from, again it is a collaborative work,” insists the expert Capgemini. But fighting fraud is not about technology alone. The behavior of the user must be responsible too, even if “to reach the zero point is unachievable”, he adds.
The world is changing, technology is moving everywhere. There is artificial intelligence in both connected objects and applications and data analysis tools. Blockchain technology continues to expand and cryptocurrencies are beginning to interest central banks.
This digital transformation of the payment industry promotes the development of a new ecosystem. The PowerCard users club works primarily to be open and collaborative.