The future of payment services everywhere is autonomous payments. Payments will melt into the commerce experience and create new incremental value for consumers. There will be a move away from specific payments products to just be part of everything that a consumer does. Differentiation will be driven by data, technology and delivery, changing the dynamics of how and where we pay and receive payments underpinned by customer expectations

Key aspects of autonomous payments include:

  • Authentication becomes the payment. Cards and their associated PIN and signature authentication methods will no longer be needed.
  • Invisible transactions. The mass market will start to be reconditioned to transact invisibly — and that will happen sooner than we think.
  • Rewards become orchestrated. Current walled-garden programs will succumb to loyalty and rewards programs that are facilitated by distributed ledgers, thereby allowing for rewards that best fit the transaction and provide the most value to the customer.

The commerce experiences of tomorrow will make payments the invisible. This is an invaluable part of creating a customer-first commerce experience. These autonomous payments will cause a shift in consumer preferences and habits. 

The impact of this innovation in payments will be a decrease in the ability to differentiate on back-office capabilities, a reduction in transaction fees, and an increase in the importance of creating an emotional and differentiated user experience alongside clever use of the vast array of data captured. 

Analytics and the ability to create payment insights will support organisations to stay alive.