The Payments Industry is Evolving: What’s Next

It’s impossible to predict the future, but it’s a good idea to keep an eye on trends in the payment industry.  New customer-facing technology, regulatory changes and digitization of payments across the globe are having an impact on FinTech. Let’s take a look at a few trends for 2016, as noted by CapGemini.

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In a Newly Connected World, Old-Fashioned Cash Still Tops


Although there are increasingly technologically sophisticated ways to pay for goods and services, worldwide, cash payments still win out. Why is this? And what will make electronic payments more attractive?

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Award-Winning Alliance for Outstanding Results –’s Success Story

Editor’s note: We are happy to kick off a series of posts dedicated to our clients’ success stories. These case studies will help explain what Credorax does differently in order to help grow our partners and merchants’ businesses. 


Credorax Success Stories, an MMO “free-to-play” online action games giant, provides a great lesson in becoming a global acquirer. Founded in 1998, Wargaming is one of the leaders in the free-to-play massively multiplayer online (MMO) market across PCs, consoles, and mobile devices.

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Are Payments Services the Next Logical Step for Supply Chain Experts?


Supply chain and logistics companies in today’s market already maintain expertise in several areas, such as logistics, delivery, invoicing and digital services. Recent industry surveys indicate that adding and enhancing e-commerce or payments services as part of the end-to-end solution puzzle, reaching out to these companies’ well-established customer bases, could aid an increasing pinch at the margins of supply chain services.

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The Long Goodbye to Cash


As digital payment solutions have become increasingly common, one of the questions that has been raised on numerous industry forums is: Is it time to retire the cumbersome paper and coins we’ve used as legal tender since ancient times?

Cash costs us more than you would first expect. According to a Tufts University report, it costs US households $43 billion a year to deal with cash, taking into account time, fees and theft. For businesses, the costs are even higher: $55 billion, thanks to administrative costs and retail theft. Including government costs of $101 billion, cash costs the U.S. $200 billion a year.

Future Isn’t Bright for Cash

Over the last year, we’ve seen a number of signs that that the transition to a cashless society is accelerating. We discussed this topic last June when we took a closer look at a MasterCard report on our collective progress towards a global cashless economy.  As expected, the future still isn’t looking bright for cash.

Last May, the Danish government proposed ending all cash payments. The Central Bank of Ireland stopped manufacturing 1 and 2 cent coins in late 2015. And it looks like Sweden might be the first country to go cashless. As cash falls by the wayside, how can the payments industry create a seamless transition for merchants and customers?

The Omnichannel Imperative

Retail TouchPoints published a whitepaper last year entitled Is Retail Ready for a Cashless Society?, which takes a closer look at the mobile and digital trends influencing this transition. The paper outlines five key elements of this evolution from cash to digital payments:

  • The Omnichannel Imperative
  • Mobile Payment/Mobile POS
  • Digital Wallets
  • Digital Currency
  • Social Commerce

It’s clear that when it comes to retail, cash is giving way to digital payments. In this vein, omnichannel marketing and payments are pillars of future e-commerce growth. The paper notes that e-retail success depends on meeting customer needs in a seamless fashion across channels. This includes:

  • The ability to easily transition between the full range of payment channels
  • Multiple payment choices, including credit, debit, gift card and check scanning
  • A 360-degree view of customer data across all channels, easily accessible to all employees, from HQ to store managers

A Single Unified Platform

This is very similar to the thinking that led us to develop our e-Power 2.0 platform. Smart Acquiring incorporates a variety of elements that work together to offer a unified and technologically innovative solution: The One Global Payment Platform, ePower 2.0. Credorax built ePower 2.0 as the first single, unified and automated global-domestic acquiring platform. This enables merchants and payment partners to work with one acquirer and one centralized, global payment platform, instead of fragmented and siloed payment solutions dispersed in different locations.

Saying goodbye is hard, but it does look like cash is on its way out. Offering consumers multiple ways to transition to digital payments easily is key for e-commerce success.

What Does the Future Hold for Domestic Card Schemes?


Less than a decade ago, Europe was a fragmented continent with multiple card schemes and weak interoperability between countries. Except for some Eastern European countries, all European countries had their own national/domestic card scheme with their own rules and standards that only worked inside the specific country. But the domestic card schemes market in Europe changed dramatically following the Payment Services Directive and the SEPA Cards Framework. The domestic card schemes in the UK, Ireland, Luxembourg, the Netherlands, and Finland have been phased out and replaced by internationally branded cards such as VISA Debit, Debit MasterCard, Maestro or V PAY.

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Dart to Copenhagen with Credorax for Money20/20

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Are you packing your bags? In early April, many players in the worldwide Fintech industry will gather in Copenhagen for Money 20/20. This conference concentrates on the disruptive opportunities and challenges the payments and financial services industry faces. We are excited that Credorax will participate in this Money20/20 event on the heels of our recent successes – including the last Money20/20 conference, held in Las Vegas in late 2015.

What will Credorax have to offer the payments community in Copenhagen? A mix of fun and Smart Acquiring experiences, in cooperation with our valued partners, arvato Financial Solutions and Computop.

Fun: Are You Ready for Some ‘Acquiring Darts’?

We wanted to make Money20/20’s first trip to Europe outstanding! A large group of attendees from payment companies, banks and merchants from all over the world will be there, in a natural expansion from Money20/20’s flagship event in Las Vegas. Our touch is a fun game to allow attendees to learn about the agile, “smart acquiring” experience Credorax brings to the table.

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Team: Credorax + arvato Financial Solutions + Computop

We are proud to bring a large Credorax delegation to the inaugural European Money20/20, including our CEO, Igal Rotem.  We will be sharing a booth with Computop’s Andre Malinowski and arvato Financial Solutions’ Marco Jostes.

Expertise: Panel Discussion and More

We always look forward to Money20/20 and not only because it’s so much fun. It is also great opportunity for us to meet our partners and learn about the latest industry trends straight from the source, as well as sharing our views on the payment industry’s challenges and solutions.

Igal Rotem (see his welcome video here), our CEO, will discuss Cross-border disruption, challenges and opportunities, together with C-level personnel from Global Payments Inc., Saxo Payments and ONPEX. Add it to your calendar!

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To give you a taste of what Credorax is doing and what Igal is going to share at the panel and with you at the Credorax booth, we wanted to briefly explain the challenges to the industry that Credorax identified back in 2013 — and how we are tackling them.

Credorax has evolved into a Global, Digital Acquiring Bank focused on the Merchant. We provide any merchant – regardless of size – with the ability to profit from untapped, new consumer & business e-commerce geographical markets that were not previously accessible to them.

Credorax opens these doors to merchants and payment service providers (PSPs) by resolving the three biggest obstacles for online businesses:

  • Laws and regulations: We are intimately acquainted with the regulatory hurdles faced by merchants as they enter new countries or continents. As a result, we ensured strong local presence in each country in which Credorax has business. To date, we have secured licenses in Europe, the US and Asia.
  • Tech: We built a technological solution to respond to the inherent frustration PSPs and merchants feel because they have to work with different payment platforms in local countries that can’t integrate or interact with each other seamlessly.
  • Equality between large & small merchants: We build a business paradigm that can simultaneously speak to small/micro/sole merchants as well as big brands.

What Sets Credorax Apart

As a company that was built from the ground up by technology and payments experts, specifically for e-commerce partners and customers, Credorax created a centralized, global platform, ePower 2.0, which we launched in the summer of 2015.  Built upon our “Smart Acquiring” business philosophy, ePower 2.0 is a single, completely automated and digital platform, with which merchants and PSPs are able to conduct all of their online payments business through one source instead of fragmented solutions dispersed in different “silo” global regions.

In addition to the platform, we offer a winning combination of optimized approval rates, flexible commercial models, quick MID set-ups through digital onboarding, and extended BI solutions.

  • Our onboarding solution enables fast and intuitive onboarding in an automated, secure environment, enabling merchants to quickly turn leads into cash. Check out our case for innovating digital onboarding here.
  • With our background in tech, we are in a unique position to understand our e-commerce customers thoroughly. Credorax’s BI system analyzes merchant payment activity to provide them with reports on both real-time and historical data and tools to help them make better business decisions.
  • Our payment partners and merchants are constantly concerned about declining consumer credit card payments. We work very closely with our customers to help them improve card approval rates.
  • We process all major global currencies and allow our customers to select their ‘currency of choice’ when it comes to settlement.

We will be delighted to talk to you more about the smart acquiring services that Credorax can offer your company. Be sure to visit us at booth B-20 for our exciting “acquiring darts” game and great payments conversations. To schedule a meeting with Igal Rotem, Koen Vanpraet, Nicola Palin-Willis, France Blanchard, Moshe Selfin of Credorax, Computop or arvato Financial Solutions, please click here or drop an email to

The World E-Commerce Summit by Lafferty: Takeaways

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This month I was privileged to be one of the keynote speakers at Lafferty’s exquisite London event, The World E-Commerce Summit. This thought-leadership driven event included a hand-picked group of speakers, representing the movers, shakers and innovators across the payments ecosystem. From IBM to Visa to Tufts University, there was an interesting mix of diverse speakers.

For someone who found the payments space a few years earlier during a trek up Mount Kilimanjaro (that story is for a separate and later blog), speaking at an event was a dream come true.  I wanted to share the broader themes of this intimate event, enjoy!

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How PSPs Can Successfully Embrace the Global Imperative

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In a recent article, we discussed the increasing merchant pressure on PSPs. Much of this pressure is due to the global nature of e-commerce and the need to provide fast and seamless payments, whether domestic or cross-border.

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Digital Disruption: Behind the Buzz

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In the world of e-commerce, it’s hard to avoid the buzzword “disruption.” It seems to be in nearly every headline, whenever you click or turn the page. It’s good to take a step back every once in a while to think about what this concept really means and how it’s affecting online retailing and payments.

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