With turbulent times ahead, it becomes crucial to know that the people around you are going to be all hands on deck. “Offering local solutions is the key to growth and success for ecommerce.” This means balancing the needs of each region individually. We've very quickly learned that we're going to have to pivot on that,” she says. “We've typically tried to set up global strategies and then roll those out and hope that they're going to be successful. For a large company like PlayStation, that has traditionally structured itself around tax, this means they are now looking at creating more legal entities, as payments become more of a driver for the corporate structure.įor them, using an app-based flow and relying on 3DS, a local change like Brexit can mean big changes behind the scenes, just to maintain the status quo.ĭowling agrees that localization is one of the major challenges facing payments. The industry is also seeing widespread changes in international regulations, making for a more complicated life, where localization is becoming increasingly important. Read more about how GE Healthcare is using payments to power its global ecommerce strategy. “Being the advocate in your business for why payments are important is only a good thing,” she adds. She credits “research, time and investment” as the best tools to ensure their work in payments will be successful. Instead of building products in the hope that customers will begin to use them, Dowling focuses on using data to show that processes are meeting existing demands: “we heavily rely on those inputs from customers,” she says. “We want to make sure we maximize opportunities that are going to keep revenue growth in our mature areas, while developing those more emerging markets,” she says. To Dowling, it’s important to look closely at prioritizing when it comes to innovation in payments-it’s all about listening to stakeholders, both on the customer and business side. Other areas of exploration for Tan will be alternative card rails, new 3DS providers, and sharing more data with issuers as further opportunities open up. “Hopefully, we get to a stage where we can do it on a transaction level rather than a BIN level,” Tan says. Where previously they had handled BIN routing manually, “month by month, quarter by quarter,” now, this is done by algorithms alone. One example of the latter, which Tan highlights, is machine learning. While innovation is an important part of the strategy, the payments team must separate developments that are rehashes of methods they’ve already used, from those that are novel innovations that may take longer to come to fruition. This year is the year of alternatives for us.” While the last few years have been focused on “riding the Covid wave,” says Tan, “this year, we do feel the pressure.” He adds, “we are tasked with saving costs and generating more revenue.
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