In a recent interview with SiGMA News, Alexander Aukhariev, an expert in the payment industry, shared his insights on the future of online payments. He discussed key trends, the impact of technology, and the role of security in shaping the industry. Here are the highlights from the enlightening discussion:

What key trends can we anticipate in the online payments landscape for 2024?

Alexander Aukhariev: Over recent years, we’ve witnessed a significant expansion in online payment methods. As we look ahead to 2024, several pivotal trends are emerging that are set to shape the future of the payments industry. During this interview, we will explore into these transformative trends and discuss their potential impact.

What advantages does Payment Center provide to its merchants in the context of diverse card payment methods?

Alexander Aukhariev: Our company has been at the forefront of these methods for over a decade. As times change, every country is developing its own payment systems and local methods, such as QR codes (Pix, UnionPay, Uzcard, Mir, to name a few). The execution of online payments from a card issued in one country on a merchant’s website in another country is becoming increasingly complex. To address this, Payment Center has implemented numerous integrations with various banks across the globe. This allows our merchants to accept payments from a wide range of cards, not limited to just Visa or Mastercard.

What new opportunities do payment systems offer, particularly those based on the synergy of mobile phones, operating systems, and banks?

Alexander Aukhariev: The next stage is the synergy between mobile phones/operating systems and banks, which creates payment systems such as Google Pay, Apple Pay, AliPay, etc. They keep expanding their functional capabilities, including integration with loyalty programs and financial services, as well as integration with mobile operators, enabling the use of mobile phone balances for buying goods and services.

What role does tokenization play in securing payments, and how does it influence the payment process?

Alexander Aukhariev: Tokenization is a crucial aspect of payment development. It enhances the security of payment data during transactions by replacing the original payment information with a unique token. This token is generated and stored securely using advanced encryption algorithms and methods. The beauty of tokenization is that the same token can be reused multiple times, eliminating the need to recollect confidential payment data. This not only simplifies the payment process but also ensures robust security.

What new opportunities does Open Banking present in the context of instant payments?

Alexander Aukhariev: Payment Center provides partners with the most sought-after APMs and integrations with alternative payment systems. The advent of banking APIs under the PSD2 (Payment Services Directive 2) initiatives in Europe has enabled us at Payment Center to broaden our integration with banks, fintech companies, and merchants. Open Banking, a form of instant payment, facilitates real-time payments (RTP) and significantly enhances both the speed of payments and conversion rates.

What contributions are cryptocurrencies making to the evolution of the payment industry?

Alexander Aukhariev: Cryptocurrencies are playing an increasingly significant role in the payment industry, with the volume of crypto-based payments growing year on year. At Payment Center, we strive to stay ahead of these trends. As such, we have implemented our own Payment Gateway, Defexa, which allows for the storage, exchange, and payment with cryptocurrencies within our interface, thereby significantly broadening our payment capabilities.

What benefits do digital wallets offer as a unified platform for all types of payments and currencies, and what changes are we seeing in this space?

Alexander Aukhariev: Digital wallets offer the convenience of accessing various payment methods in one place. This makes it easy to pay for goods and services with just a few clicks, switching between banks, payment methods, and even combining fiat, crypto, or stablecoins. As a unified platform for all types of payments and currencies, digital wallets seamlessly integrate cryptocurrencies into all payment methods. They are poised to transition to universal payment methods in the future, accommodating both crypto and fiat currencies. In light of business globalization and the rise of cross-border e-commerce, improving and reducing the cost of international payments has become a priority. Consequently, we at Payment Center provide our merchants with the opportunity to accept payments for their goods and services through all online payment methods.

What innovative measures are being implemented in online payment security to combat fraud?

Alexander Aukhariev: Security is a top priority for us. As online payments continue to grow, so does the number of fraud attacks. This necessitates the implementation of advanced authentication algorithms in the industry, such as 3D Secure 2.0 and biometric technologies. Artificial intelligence and machine learning technologies are being utilized to bolster payment security by detecting fraudulent activities and tailoring offers for users. Beyond fingerprints and facial recognition, contactless methods like gesture recognition and behavioral biometrics are beginning to be employed for user authentication. These trends underscore the ongoing efforts of the online payment industry to ensure efficiency, security, and convenience for both consumers and businesses. This encompasses both technological innovations and changes in regulatory frameworks aimed at fostering competition and safeguarding consumer rights.

SiGMA News spoke with Alexander Aukhariev, CEO at Payment.Center. Aukhariev is co-owner of Payment Center with over a decade of experience in corporate and consumer business development. With a proven track record in developing and implementing innovative solutions in the payment systems sector, he has successfully leveraged his experience in team management and strategic planning to establish partnerships and foster co-operation in the field of financial technology at the Payment Center. His comprehensive approach includes market research, regional strategy design and execution, marketing campaigns, and effective team management. His wide network and effective work relationships span the globe, and he has successfully managed a number of high-profile international projects.