The flipside of the payments industry: highlights from Corefy’s rooftop meetup
Autumn has already come, and informative meetups have become a good tradition of our company at this time of the year. Yesterday, September 16th, we were delighted to once again welcome payment experts and guests to our R&D office in Kyiv to discuss the trends and prospects of the payment business.
The main substantive issues on the agenda were:
- How to scale a business by expanding a network of partners and clients
- How to accelerate entering new markets
- How to minimise financial risks associated with fraud and volatility
- How to save time and resources on the development of your own processing solution.
Localisation is the key
Corefy’s CBO Den Melnykov shared some insights on the localisation and adaptability of a payment business on a global scale.
Here are the highlights from his speech:
- Local payment methods, local smart routing, local languages, and currencies are all required for optimal online payment conversion.
- E-commerce has reached a global scale and continues to develop actively. Payment companies are forced to adapt very quickly to customers’ needs through new promotion channels, local markets, and smart innovations.
- By 2024, e-wallets, credit and debit cards will account for 84.5% of e-commerce payments. Payment pages with e-wallet support are a must for merchants.
What about security?
Our CTO Dmytro Dziubenko was responsible for the payment processing security cluster. He shared everything there is to know about building a safe and secure payment infrastructure.
Here are some key takeaways:
- The average cost of a financial services data breach is $5.85 million, with a 10% increase over the 2020-2021 period.
- The most common fraud types in the payments industry are phishing, friendly fraud, triangle schemas, takeover fraud, lost or stolen cards, and chargebacks.
- PCI DSS certification is a must for any financial institution. The price for Level 1 PSI DSS could be from 10000$ to 50000$ dollars.
- The three basic problems that PSPs face are custom reporting formats, a lot of manual work, and a blocker for new integrations. Interaction logs can be a helpful solution to all these issues.
How to optimise payment processing
The final part of the speeches was devoted to the optimisation of payment processing. Our CEO Denys Kyrychenko prepared a comprehensive presentation in which he analysed the constraints a business may face, shared payment trends, as well as assessed financial risks and opportunities for payment industry players.
Here are some of the points he shared with guests:
- Optimisation of payment processing involves redefining restrictions, revenues, costs, and risks.
- Mobile payments are on the rise today, and their market size will reach a record $6.7 trillion by 2023.
- Online stores and services providing one-click payment options increase their revenue by about 20%.
- Scaling, diversification, and optimisation are the “three pillars” of business efficiency.
A perfect end to the evening
After the experts shared all the secrets from the world of the payment industry, the entertainment part of the evening started — a networking rooftop party on the terrace with a breathtaking view.
We thank everyone who took the time to attend our meetup. Subscribe to our Facebook page to not miss the announcements of Corefy’s next events. We look forward to meeting you again!