Online payment gateway Payfast has set the stage for innovation in the payments industry. As the hosts of this year’s dedicated ecommerce section at Leaderex 2023 – South Africa’s largest gathering of business experts, entrepreneurs, and professionals – the online payment gateway brought together like-minded leaders to unpack everything from the application of AI in fintech, to the need for financial inclusion.
Artificial intelligence is also going to play a major role behind the scenes; “The reality is that AI in the provision of a payment gateway service is crucial for things like fraud screening and conversion analysis – which are critical to driving business efficiency, bringing down operational costs, and innovating the customer journey,” said David Adams, Chief Commercial Officer at Payfast, who presented a talk on the evolution of payment gateways.
“The three main pillars that merchants need to consider when it comes to delivering the ultimate consumer payment experience are seamless, frictionless, and embedded. But they can’t achieve this on their own – payment gateways need to evolve to support merchants. In turn, merchants need to be working with the right partner to elevate their offerings to their customers,” said Adams.
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