How can you stay informed about emerging payment technologies and trends to inform your negotiation strategy?

Payment technologies and trends are constantly evolving, creating new opportunities and challenges for financial services professionals. Whether you are negotiating with clients, vendors, partners, or regulators, you need to stay informed about the latest innovations and best practices in the payment industry. Here are some tips on how to keep up with the changing landscape and use your knowledge to inform your negotiation strategy.

1 Follow industry publications and newsletters

One of the easiest ways to stay updated on payment technologies and trends is to follow reputable industry publications and newsletters that cover the latest news, analysis, and insights. You can subscribe to online magazines, blogs, podcasts, or newsletters that focus on specific aspects of the payment industry, such as fintech, blockchain, mobile payments, or regulatory compliance. Some examples are The Paypers, PYMNTS, Finextra, or PaymentsSource. By following these sources, you can learn about new developments, innovations, and challenges in the payment sector and how they affect your business and stakeholders.

Add your perspective

Philip Andreae

Senior Advisor | Digital Identity, Payments, Election Systems
Report contribution
Stay out front at events like Money 2020. As people meet and share experiences and update themselves on what is active. The past is lost to history Unwritten. My history charts a course of capital markets, project management, and International cards: Visa card, American Express, Europay, and MasterCard. What next you may ask?

Like

2 Join professional associations and networks

Another way to stay informed and connected is to join professional associations and networks that offer access to resources, events, and peers in the payment industry. You can benefit from membership benefits such as webinars, workshops, conferences, research reports, or mentoring programs that can help you enhance your skills, knowledge, and network. You can also participate in online forums, groups, or communities where you can exchange ideas, opinions, and experiences with other payment professionals. Some examples are The Association for Financial Professionals, The Electronic Transactions Association, or The European Payments Council.

Add your perspective

Philip Andreae

Senior Advisor | Digital Identity, Payments, Election Systems
Report contribution
Yes, these institutions are essential, and many more exist. Each must be loved as Jesus commanded. Respect, trust, and honor is essential.

Like

3 Attend trade shows and exhibitions

A third way to stay informed and engaged is to attend trade shows and exhibitions that showcase the latest products, services, and solutions in the payment industry. You can discover new technologies, trends, and opportunities that can help you improve your business processes, customer satisfaction, and competitive edge. You can also meet potential partners, vendors, or clients and establish relationships that can facilitate your negotiation process. Some examples are Money 20/20, Sibos, or PayExpo.

Add your perspective

4 Experiment with new payment methods and platforms

A fourth way to stay informed and involved is to experiment with new payment methods and platforms that can offer you more convenience, security, and efficiency. You can try out different options such as digital wallets, biometric authentication, QR codes, or cryptocurrencies and see how they work for you and your customers. You can also explore different platforms such as cloud-based systems, APIs, or blockchain networks that can enable you to integrate and automate your payment operations. By experimenting with new payment methods and platforms, you can gain first-hand experience and feedback that can inform your negotiation strategy.

Add your perspective

5 Monitor customer preferences and behavior

A fifth way to stay informed and responsive is to monitor customer preferences and behavior regarding payment technologies and trends. You can use various tools and methods such as surveys, analytics, feedback forms, or social media to collect and analyze data on how your customers use, value, and perceive different payment options. You can also communicate with your customers regularly and ask them about their needs, expectations, and satisfaction with your payment services. By monitoring customer preferences and behavior, you can tailor your negotiation strategy to meet their demands and preferences.

Add your perspective