Today In Data

Around The World With Payments And Commerce

The good news about living in a flat world is that it is increasingly connected and accessible — a big opportunity for merchants, consumers and financial institutions (FIs) alike. However, where there is opportunity, there are challenges. Consumers who get more, want more — which puts the pressure on FIs to innovate for more complex needs. Meeting those needs will require thinking out of the box (and into the sandbox) going forward. Regulation is another increasingly steep challenge. GDPR’s going live, for example, has already created a potentially expensive regulatory hurdle for both Google and Facebook. Then, there is the bringing of more developing world players into the expanding digital marketplace by breaking down the past reliance on cash and building up greater faith in the future of digital payments and commerce.$200 billion: Estimated worth of India’s eCommerce market by 2026.

$8.8 billion: Amount for which Facebook and Google have been collectively sued since GDPR went into effect.

~66 percent: Share of LATAM consumers who prefer cash to credit as a payment method.

63 percent: Share of FIs that report meeting a customer need as the main driver for innovation.

22 percent: Share of FIs that report having used sandbox testing in the past.

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New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

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