The New Era of Behavioural E-Commerce and Predictive Instant Payments
By Suresh Sood
The global rollout of real-time payment schemes otherwise known as instant payments is nearing completion through to 2020. Moreover, in a world of big data from mobile devices including facial recognition on the Apple iPhone X the opportunity exists to rethink e-commerce and real-time payment technologies online and turn to the new era of behavioural e-commerce simultaneously building on big data from the online buying activity and facial biometrics for minimising identity fraud.
Online businesses achieve a truly massive scaling of sales as seen from online shoppers spending USD 30.8b on 2018 Singles Day (11.11). But the new generation of payment systems assists banks and market participants truly enable and accelerate the digital transformation while supporting not only marketplaces and platforms with mobile applications but offline through interoperability with EFTPOS in-retail shops.
While security and risk reduction are very high on the priority list for participants providing instant payments and highlights the provisioning of payment services with not only inbuilt real-time fraud detection but an ability to capture the “digital persona” using behaviours regarding people’s shopping, eating and travel habits.
A focus on behaviour readily allows for a predictive capability that not only assists with anti-fraud measures but prepares the payment system in a state of readiness for instantly processing the next transaction.