Ginger empowers EMS to offer an omnichannel merchant solution
The Merchant Payments Ecosystem (MPE) conference provided a platform for industry leaders, innovators, and stakeholders to explore the evolving landscape of payments in Europe. As representatives of Ginger, we actively participated in the event’s agenda, including interesting speakers and networking opportunities.
Here are our 5 key takeaways from MPE:
1. Trust and disruption in payment schemes
The keynote discussion between Wero and Mastercard underscored the growing significance of trust in the payment ecosystem. While traditional players like Mastercard rely on their established reputation, disruptors like Wero aim to revolutionise the industry by offering unified bank-to-bank solutions. The debate highlights the need for innovation to address consumer concerns about fairness and pricing, signalling a potential shift towards alternative payment methods (APMs) led by local European players.
2. The role of A.I in fraud prevention
In response to the escalating threat of fraud, the industry is increasingly turning to A.I. as a dynamic solution. Future initiatives will undoubtedly prioritise anti-fraud strategies, utilising A.I. technologies to bolster transaction security and maintain trust within the payment ecosystem. One standout innovation, network tokenization, promises enhanced authorization rates, reduced fraud, and lower interchange fees. Despite its clear benefits, widespread implementation poses challenges for many players.
Looking ahead, network tokenization is poised to become the industry standard. Ginger is leading the charge by developing an in-house tokenization vault supporting various alternative payment methods (APMs) like Google and Apple Pay. Our dedicated team is actively expanding this offering to ensure our clients stay ahead of the curve.
3. Importance of data and reconciliation
Data and reconciliation are crucial aspects within the fintech sector, particularly for burgeoning startups, where the clearing and settlement processes often receive insufficient attention and resources. Numerous key players in the industry have lost significant amounts of revenue to external fraud, serving as a good example. Regrettably, startups commonly prioritise customer-facing and revenue-generating functions over backend operations.
At Ginger we bridge this gap, providing a solution that offers full access to transaction data. By initiating transactions through Ginger, businesses can streamline the reconciliation process, significantly diminishing the labour-intensive nature of this task. This integration not only optimises operational efficiency but also bolsters financial security.
4. The need for seamless PSP infrastructure
Networking sessions with European fintechs highlighted the growing demand for seamless payment service provider (PSP) infrastructure. However, the choice between white-label payment service providers (PSPs) and payment orchestration platforms often comes down to the needs of merchants, particularly smaller businesses.
For these enterprises, simplicity and cost-effectiveness are key considerations. Payment orchestration platforms, with their comprehensive features and scalability, may be an unnecessary investment for merchants with straightforward payment processing needs. Additionally, while scalability is touted as a benefit of payment orchestration platforms, many smaller businesses prioritise immediate needs over future growth, and may opt for a white-label payment service provider. While the market is saturated with providers, Ginger stands out due to its maturity, versatility, and holistic approach as a platform.
5. Cross border payment acceptance
Alternative Payment Methods (APMs) play a pivotal role in facilitating international expansion for businesses. As consumers increasingly demand convenient and localised payment options, integrating APMs becomes essential for ensuring seamless transactions across borders.
Ginger enables businesses by offering access to an array of European APMs, providing businesses with a seamless solution when expanding their businesses. With Ginger, merchants can effortlessly accept payments using popular methods such as Sofort, iDEAL, and Bancontact, tailored to the preferences of customers in various European markets.
Missed us at MPE? Reach out and we’ll be happy to connect with you.
