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August 28, 2023 • Issue 23:08:02

Payments, a retrospective
e
Payments, a retrospectiv

The extraordinary life of a payment

transaction – Origins

experts compare early prototypes with today’s digital-first
commerce. The journey will continue in future installments
focused on identity and data protection strategies, past and
present.
Analog to digital
Ruston Miles, founder and CEO of Payfactory, suggested
the modern electronic transaction is a product of its
environment, which has progressed from card-present to
virtual, mobile and multichannel commerce.

"Payment transactions have evolved tremendously over
the last several years," he said. "We were already well on
our way to more digital payments, like ecommerce and
By Dale S. Laszig mobile, but the arrival of COVID and stay-at-home orders
greatly accelerated the usage of both non-POS channels
he Green Sheet Inc. and payment transactions and alternative payments to credit cards and debit cards,
have followed similar paths, from paper-based such as P2P services like Venmo and Zelle, as well as buy
transactions to multichannel, digital commu- now, pay later apps."
T nications. Today’s hybrid online and offline
environments have spawned new payment methods, trans- Moving forward, Miles predicted consumers will require
forming refrigerators, garage doors and cars into sentient a blending of all payment channels into a seamless buyer
devices that monitor human activity, anticipate needs, journey. This will entail POS interacting with online, which
communicate and transact. will interact with mobile, to create a truly omnichannel
experience, he stated. The transaction types will also
The Internet of Things (IoT) is one example of how advanced need to easily flow through the different processors and
technologies can transmute button clicks into continuous
interactions with richly layered data points that populate
buying histories, preferred payment methods and
predictive analytics. Contributed articles inside by:

As security analysts and payments experts have noted, Scott Dawson .........................................................................................18
these data points can live on indefinitely, which makes Nick Cuuci................................................................................................28
protecting personal data, buying histories and digital
identities a critical necessity. Adam Atlas ..............................................................................................30
Mark Dunn ..............................................................................................32
As part of our retrospective series, this article explores
the extraordinary life of a payment transaction, as
Continued on page 26