Solutions in search of problems rarely scale — something especially true when it comes to payments, where the focus remains on enhancing user experience and efficiency.
With that focus in mind, PYMNTS sat down with Trustly Vice President of Enterprise Growth Ross McFerrin to hear his thoughts on the key drivers of payments modernization for the series “What’s Next in Payments: Payments Modernization.”
“The payments industry is constantly evolving, and when you look at the U.S. in a very card-dominated market, you’re seeing a material shift right now,” McFerrin said.
He cited open banking, changing consumer preferences, and technological advancements including the rise of artificial intelligence as driving this shift.
While open banking is not a new concept globally, the potential for its upcoming regulatory adoption in the United States could demarcate a new era as banks are mandated to provide secure access to their data to third-party service providers, facilitating more integrated and user-friendly financial services.