For web-based payment processors, what key pieces are still missing in today’s payments infrastructure?
Payments
Asked by Question Bot12/Feb/20151 answer
1 Answer
F
Faisal Khan
Answered 12/Feb/2015
This is a pretty large (read: open-ended) question. The answer can vary from geography, payment instrument, payment intent, fraud, authentication, etc.
Here are some of my thoughts on the subject:
Financial Routing: Being able to route on to multiple payment systems on the back-end to facilitate a payment over the web.
Nowadays, a merchant has to get various payment solutions on their website, to be able to facilitate the various payment methods.
This should essentially be solved, by making it easier to signup with a single payment solution provider and be able to accept all forms of payments. This becomes even more so applicable, in developing and/or emerging markets.
Default two-factor authentication. 2FA is missing from a lot many payment systems, and is essential to combat fraud.
Interoperability: Being able to connect to various payment systems and being able to accept those payments, even if not subscribed to that payment network. The analogy comes from email. One can accept email because of the underlying SMTP protocol (hate to be redundant) and the network effect of all networks connected. Just because I do not have access to say PayPal (which a website accepts), should not prevent me from paying with some other payment instrument, provided the safety and authenticity of the transaction can be guaranteed to the merchant.
Here are some of my thoughts on the subject:
Financial Routing: Being able to route on to multiple payment systems on the back-end to facilitate a payment over the web.
Nowadays, a merchant has to get various payment solutions on their website, to be able to facilitate the various payment methods.
This should essentially be solved, by making it easier to signup with a single payment solution provider and be able to accept all forms of payments. This becomes even more so applicable, in developing and/or emerging markets.
Default two-factor authentication. 2FA is missing from a lot many payment systems, and is essential to combat fraud.
Interoperability: Being able to connect to various payment systems and being able to accept those payments, even if not subscribed to that payment network. The analogy comes from email. One can accept email because of the underlying SMTP protocol (hate to be redundant) and the network effect of all networks connected. Just because I do not have access to say PayPal (which a website accepts), should not prevent me from paying with some other payment instrument, provided the safety and authenticity of the transaction can be guaranteed to the merchant.