Sometimes a shift in perspective is all you need to spark creativity. This is what a number of payments industry leaders experienced when asked to imagine they could teleport themselves to the year 2026 and see what the industry would look like from that vantage point. They then reported back to The Green Sheet in the form of postcards sent to the present from their future selves.
The lead article in this issue shares a number of developments these professionals envisioned, for example, the disappearance of traditional merchant services reps, plastic cards and physical money; universal deployment of secure elements and tokenization, making fraud virtually nonexistent; NFC chips implanted in shoppers' necks; widespread use of heart rate pattern, iris structure and voice recognition for identification; tattoos embedded with payment capability; the enduring importance of customer service; a single, digital currency worldwide; and much more.
The present remains exciting, too, as new developments continue to emerge. Some such developments covered in this issue include New York State's proposed cybersecurity law; the extent of EMV deployment one year after the October 2015 liability shift; progress in the United States in the faster payments realm; benefits of remote deposit capture; products that can attract large restaurants and retailers and offer the ability to provide interest-free, online and in-store installment plans; and challenges and opportunities in nonprofit payments.
From our contributing writers, you'll gain insights into overlooked issues of importance in payments; the ins and outs of processor bankruptcy, how not to become victimized by substandard recruiting and training in our industry; the importance of addressing payment security during the sales process; and why portfolio valuations can be higher than the ISOs that built them. As usual, we've included updates on individual and company milestones in the payments space. Some of these include accolades for companies that have proven to excel in their niches; branding updates and company expansions; a new EMV test platform; a major developers' gateway; reports on how to win with digital platforms, the state of business-to-business payments, digital economies, global payments and contactless payments; partnerships and alliances formed; acquisitions; and the latest executive appointments.
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