Meta’s own Cutis Webb, Vice President- Emerging Payments, Product Manager, recently sat down for a Global Fintech Series interview. The conversation focused on rapidly changing consumer payment preferences and ways in which the payments industry can innovate to meet these new demands.
Below are just a few highlights from a wide-ranging discussion.
1. “The biggest trend is a shift toward contactless digital payments.” Since the beginning of the pandemic, contactless digital payments have become the go-to method of payment for many Americans ordering food, household items and retail goods online. Millions of Americans also received stimulus payments on prepaid cards.
2. “Consumers are demanding faster payments.” In August 2019, we released our Faster Payments: What Consumers Want From Businesses study, which revealed that today’s consumers prefer disbursements that are fast, convenient and secure. The pandemic has only increased demands for real-time payments and disbursements.
3. “Financial services will re-prioritize digital, low-touch solutions and consumer adoption will continue to ramp up, too.” Many technology companies and brands see an opportunity to offer their own debit products that will, according to Webb, “create seamlessly integrated user experiences and deepen customer relationships.”
4. “There will be a heavy amount of collaboration between fintechs and others in the industry.” Emerging payment technologies, fintech platforms, banks and card networks may work collaboratively to create a payments ecosystem that mutually benefits account holders, consumers and businesses.
When describing his day-to-day work on payments innovation, Webb said: “given the strategic, long-term nature of the initiatives my team manages, our day-to-day work has not changed drastically due to Covid-19. We are still focused on providing our partners and their clients with innovative products to serve consumers.”
Read Webb’s full interview here.