It’s always interesting to share the insights of prominent business leaders. David Liu, Founder CEO of Truevo Payments, gives us a sneak peek of his vision of the future of payments and how he thinks they will evolve in 2022.
Customer service and the customer journey
In a BBC interview last year David talked about the future of machine learning and how it will affect customer service in the payments industry. He said; “We do business with people, not technology… when it comes to money, it’s personal…we have to find ways where a human can help and other areas where a machine is actually really good, but if you’re looking for answers, for help, a lot of times a human is way better.“
The industry is abuzz with expected developments in AI and machine learning. Big companies are working hard to incorporate technologies like chatbots, FAQs led by AI, and other machine learning technologies into their customer journeys. David has not shifted from his point of view. He still thinks that the future of customer service lies in a combination of human touch and AI. “People don’t want to talk to machines about complicated transactions. There is no way to predict all the challenges a customer might face. It is important to humanise technology and give customers what they ask for in the shortest, most efficient way. If AI can achieve that, we will use AI. When only a human can solve a problem, that’s what we will provide. Truevo is known for its excellent and personal customer service, and that won’t change soon.”
Online marketplaces and ecommerce
The pandemic saw ecommerce grow. So much so that many thought leaders predict that it will be the preferred way of shopping in the future. David agrees with this but says; “We’ve seen a tremendous upswing in online transactions. I think it will only grow because it’s convenient, contributes to protecting the planet, and gives customers access to a much wider variety of products and services. I do think that nothing can ever replace the human senses. People want to smell, taste, and feel certain products they buy. Truevo will always cater and provide products for both markets, and any other new markets that might develop.”
David mentions the evolution of online marketplaces. He thinks that these shopping centres in the sky will have a major influence on how businesses market, distribute, and sell their products. He mentions WeChat and talks about a partnership with PayXpert that will facilitate WeChat and Alipay payments in the UK. “This is great news for the tourism and hospitality industry. They would be able to process various transactions on a single terminal. It will also accommodate Chinese consumers, a massive market for the UK travel and hospitality industry.”
Another trend David mentioned was the growth of mobile payments and open banking. “The world is mobile, and payments are evolving into a seamless shopping experience where consumers can authorise payments directly on their mobile phones via a banking app. It will obviously disrupt the traditional payment methods like debit and credit cards. Digital wallets are also evolving. I think 2022 will see a huge development in this area. Truevo is perfectly poised to evolve at pace to meet the needs of both merchants and the wider ecosystem because we offer an end-to-end solution.”
The gig economy mushroomed in the past year. The race is on to build a global payment network where people can send and receive money domestically or cross-border. Paying gig workers, peer-to-peer and insurance payouts, and instant refunds are on the increase. Truevo offers merchants Card payouts to satisfy this need. David expects this trend to increase as the world recovers from the pandemic.
Other trends David mentioned were Buy now Pay Later (BNPL), the rise in social commerce, and embedded payments. He observed that everything is aimed at making the shopping experience as seamless as possible. “Companies are really starting to wake up and focus on the customer journey. They are all developing at speed to give shoppers the option of buying anything from any platform anywhere in the world, with the simple movement of a finger. It’s exciting times.”