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December 11, 2023 • Issue 23:12:01

Rolling out 2024 – Part 1

By Dale S. Laszig She also pointed out that Gen Z consumers who have a sub-
par payments experience have no problem abandoning a
ay-by-bank. Tap-to-phone. Embedded payments. payment or taking their money elsewhere.
Generative AI. What will the game-changers be
in 2024? This article is the first in a series focused Embeddedness
P on the coming new year, with payments industry Hampton also expects embedded payments to take center
leaders looking ahead to new paradigms and possibilities. stage in 2024, as embedded payments simplify and expe-
Rising generations dite merchant onboarding and more merchant accounts
are issued through software. Software and payment con-
Kate Hampton, chief strategy officer at NMI, advised pay- vergence is nothing new, but these trends are making soft-
ments industry stakeholders to design next-generation ware-led offerings an industry standard, she added.
products and services for next-generation consumers,
many of whom are driving adoption to mobile wallets, pay- "Industry stakeholders must prioritize implementing em-
by-text and biometric payment methods. bedded payments or risk getting left behind as more and
more merchants seek these offerings," she said. "Any em-
"Younger consumers are familiar with this type of tech- bedded payments technology must lead with flexibility,
nology since they perform actions like using their faces to modularity and choice as more and more use cases will
unlock their phones every day and expect that same level need to be supported by independent software vendors
of ease and security when it comes to payments," she said. (ISVs) that each have unique payment needs." Michael Sea-
"Gen Z consumers are also looking for biometric options man, CEO and founder of Swipesum, also expects to see
to be available in ecommerce settings, making these pay-
ments even faster and easier."

Hampton mentioned that younger consumers, who seek Contributed articles inside by:
alternatives to debit and credit cards, have been a driving Elie Y. Katz ...............................................................................................20
force in the buy now, pay later (BNPL) boom. To reach this
segment, merchants need to offer mobile, biometric and Nick Cuuci................................................................................................28
BNPL payments options, she noted, as Gen Z consumers
continue to enter the workforce and acquire more buying Bob Kaufman .........................................................................................30
power.

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