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PAYMENT TECHNOLOGY
WHERE ARE WE TODAY?
Deniss Filipovs
Conference of Latvijas Banka
"Payments in the 22nd Century: Future ...
2
79%
19%
Transactions at POS
cash
cards
other
ECB study on the use of cash by
households in the euro area
0%
10%
20%
30%
...
CONSUMER
EVOLUTION
"Digital has created a new
layer of expectations"
Millennials trust technology
companies more than
bank...
Allows 3rd parties to
access customer
account with
permission
TO BE A
GAME
CHANGER
INSTANT BENEFITS OF
INSTANT 24/7/365
PAYMENTS
 easier bill-splitting with friends
 instant money transfers to your relat...
INSTANT PAYMENTS TO BECOME
AVAILABLE EVERYWHERE AND
FROM ANY DEVICE
NEW FORMS OF MOBILE-ONLY
BANKING TO EMERGE
MACHINE LEA...
Payment technology: where are we today?
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Payment technology: where are we today?

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Presentation by Deniss Fiļipovs (Head of Payment Systems Policy Division, Payment Systems Department, Latvijas Banka) at Latvijas Banka's conference "Payments in the 22nd Century: Future starts Today?" on 3rd October 2018

Published in: Economy & Finance
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Payment technology: where are we today?

  1. 1. PAYMENT TECHNOLOGY WHERE ARE WE TODAY? Deniss Filipovs Conference of Latvijas Banka "Payments in the 22nd Century: Future Starts Today?" 3 October 2018
  2. 2. 2 79% 19% Transactions at POS cash cards other ECB study on the use of cash by households in the euro area 0% 10% 20% 30% 40% 50% 60% 2017 2018 Use of payment instruments cash non-cash 64% Latvijas Banka's annual survey; use of cashless payment instruments for making purchases, P2P and utility payments of retail cashless payments in LatviaCard payments represent
  3. 3. CONSUMER EVOLUTION "Digital has created a new layer of expectations" Millennials trust technology companies more than banks Mobile device is the main driver
  4. 4. Allows 3rd parties to access customer account with permission TO BE A GAME CHANGER
  5. 5. INSTANT BENEFITS OF INSTANT 24/7/365 PAYMENTS  easier bill-splitting with friends  instant money transfers to your relatives  safer e-purchases as you pay at the moment of delivery  receive salary immediately even if it requires interbank transfer  receive your customer payments instantly and reuse money
  6. 6. INSTANT PAYMENTS TO BECOME AVAILABLE EVERYWHERE AND FROM ANY DEVICE NEW FORMS OF MOBILE-ONLY BANKING TO EMERGE MACHINE LEARNING, BLOCKCHAIN AND ARTIFICIAL INTELLINGENCE MAY REVOLUTIONISE PAYMENTS

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