28 June 2024

Payments Perspective – June 2024

Each month our trusted consultancy experts will share their insights on the key events and trends shaping the payments landscape. Read on for our highlights from June 2024.

Money 20/20 Europe: The Fusion of Humans and Machines (opens in a new tab)

The theme of this year’s Money 20/20 Europe conference in Amsterdam was “Human X Machine”. It emphasised the growing interdependence between human expertise and machine intelligence in financial services. The keynote address by former French President François Hollande underscored the geopolitical dimensions of fintech innovation. As we see it, the emphasis on AI and machine learning at this event aligns perfectly with the industry’s push towards more efficient, personalised, and secure financial services.

Apple Pay's Shift: Moving Away from BNPL (opens in a new tab)

Apple has recently decided to discontinue its Buy Now, Pay Later (BNPL) service, which launched in 2023. This move, made barely a year after its initial launch underscores the competitive nature of the financial services industry. Apple will now integrate instalment loan options from established providers like Affirm and Klarna directly into the Apple Wallet. Businesses should prepare for these changes by ensuring their payment systems are compatible with a variety of BNPL providers.

Mastercard's Digital Transition: Phasing Out Manual Entry (opens in a new tab)

The card scheme’s decision to end manual card data entry in the EU by 2030 marks a significant step towards a fully digital payments ecosystem. This transition is indicative of the broader move towards automation and increased security in payment processing. Companies must prepare for this shift by investing in robust digital infrastructure and enhancing cybersecurity.