If you asked consumers or business owners what digital payment tools mean to them, a good few would probably say they’re simply a way of making online transactions.
The reality is that this modern financial technology represents so much more than the mere ability to transfer funds between two points — it is, in fact, reshaping our world and human behaviours in all sorts of positive and beneficial ways.
Forward-thinking companies are waking up to this and a great transformation is underway. And the most exciting thing about it is that it’s only just begun.
You might call it civilisation-changing innovation: It’s covered neatly in this podcast by payments consultancy PaymentGenes, featuring Marqeta Europe’s managing director Ian Johnson.
Over the course of 50 minutes, Ian and host Diederik Klopper discuss how Marqeta is helping innovators to massively reduce common payment friction points in an increasingly regulated sector, in addition to giving entrepreneurs the confidence to implement bold product visions through the all-important sandbox.
Ian talks about his own adoption of digital payments tools and the psychology behind why many of us cling to certain payment methods, revealing how his wife is something of an early adopter when it comes to virtual cards and tokenization.
Perhaps the most compelling aspect of the podcast is when Ian and Diederik look at the opportunities afforded by modern card issuing and processing to both consumers and businesses alike.
For example, Marqeta’s open API-led platform allows point-of-sale lenders to combine smartphone camera technology with geo-location controls to make instant decisions on credit approvals. This means consumers get to buy the products they need, whilst businesses trade securely in the knowledge that they will be paid.
From a corporate perspective, virtual issuance offers finance teams the ability to decentralise employee expenses but still retain control over spending.
And car sharing initiatives come under the spotlight too, with digital payments enabling consumers to hire a vehicle both on-the-go and on-demand, potentially revolutionising the way we meet our daily transport needs.
It’s now possible to do so much more than transfer funds between merchants and consumers, or between businesses. Indeed, use cases for modern digital payment technology are limitless.