The PYMNTS team caught up with experts in the payments field to ask them their views on industry trends, predictions for the coming year and what their ideal payments system looks like — and how far off that vision is.
Here’s what Kamaljeet Rastogi, VP at Mahindra Comviva had to say.
PYMNTS: WHAT ARE THE TOP TRENDS IN THE PAYMENTS INDUSTRY?
KR: We are seeing a surge in demand for mobility enabled commerce — whether it’s telcos, banks, payment networks or retailers. Almost every entity involved in the commerce space wants to enable mobility and make payments and therefore commerce easier. That was the overarching trend last year.
PYMNTS: WHAT ARE YOUR PREDICTIONS FOR MOVING FORWARD INTO 2016?
KR: Consumers take time to change old habits, when it comes to paying for things. It’s not the technology that is slow, but the adoption is slow. In 2016, I believe that this situation will continue. There will be a plethora of options to choose from. And, consumers choice will force payment integration and companies to be innovative about making it seamless. The one wallet will become the gateway to most transactions.
PYMNTS: IN A PERFECT WORLD, WHAT DOES THE IDEAL PAYMENT SYSTEM LOOK LIKE?
KR: The ideal payment system would be the one where I go to a restaurant, eat but don’t “pay.” I just get a receipt on my phone, like having an Uber experience with payments.