/ 10 April 2024

Paymentology CEO envisions the future of payment processing

Jeff Parker Headshot Paymentology(1)
Jeff Parker, CEO of Paymentology.

A recent collaboration with Standard Bank South Africa and Sandton City launched the nation’s first instant issuing digital gift card

In an exclusive interview, Jeff Parker, CEO of Paymentology, shared his insights into the key trends shaping the future of payment processing, particularly in the context of Next Gen Card Programmes.

Parker highlighted the ongoing digitization of payments, which has led to a significant evolution of the traditional payment card. These “Next Gen Card Programmes” encompass advancements such as virtual cards, digital currencies, hybrid cards, mobile wallets and biometric authentication.

“Issuer processors like us are enabling banks, financial institutions and telcos to offer innovative hybrid cards, enabling consumers to switch currencies, flip between debit and credit functions, and even support the conversion of digital assets,” Parker explained.

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Paymentology, a global payments processing powerhouse, has particularly strong roots within Africa, celebrating 20 years of on-soil processing in South Africa. Parker believes that innovation in card technology is crucial in the South African and African markets, as consumers rely on their cards for critical activities such as receiving salaries and accessing new financial services.

“It’s key that payments processors, banks, fintechs and the wider industry collaborate to ensure that cards offer the highest security and widest range of features possible, boosting financial inclusion and protections against fraudulent activity,” he said.

Looking ahead, Parker sees significant opportunities in expanding digital financial services to underbanked consumers, particularly through the expansion of contactless payment capabilities and digital wallets. However, he also acknowledged the challenge of outdated regulations concerning cloud-based financial services in many African countries.

“Introducing new licensing frameworks that facilitate the entry of new players will foster innovation and competition in the fintech space,” he said.

Paymentology’s recent collaboration with Standard Bank South Africa and Sandton City to launch the nation’s first instant issuing digital gift card exemplifies the company’s commitment to driving innovation and financial inclusion in the region.

As the payments industry continues to evolve, Parker and Paymentology are positioning themselves at the forefront of the next generation of card programmes, leveraging their global expertise and local partnerships to shape the future of the industry.

For more details, visit: https://www.paymentology.com/