Read the original article from McKinsey & Company here.
Here is a brief summary of the article:
- Payments industry is entering a new “decoupled era”.
- Risk management is increasingly important for payments companies.
- Payments companies can differentiate themselves by offering convenience, affordability, and security.
- Payments service providers can strengthen risk management processes, address customer impacts, and maintain regulatory compliance.
- Fraud protection is critical for payment system integrity and customer experience.
- Successful firms are deploying multiple authentication methods to detect suspicious activity and minimize customer disruption.