the insider

Payment digitalization: how new technologies change the traditional banking system

Pierre Grameigna (Minister of Finance of Luxembourg) came to this conclusion. As Grameigna states, future development of digital payments and building technological infrastructure will not only provide a competitive advantage.

On May 4th, several sessions were held on the platform FT Live by Financial Times. One the first day of The Global Boardroom, the conversation was attended by Melinda Gates, Pierre Gramegna (Minister of Finance of Luxembourg), Ajay Bhalla (President, Cyber & Intelligence of Mastercard) and other key managers in the financial sector. 

At the online meeting bankers and financial analysts discussed the main trends in the banking system. And here are the top 5 innovations these experts highlighted:

  • Traditional payment systems will continue to invest in Blockchain 

Speaking at the conference, Ajay Bhalla (Cyber & Intelligence, Mastercard) admitted that any bank, large or small, “has to embrace new technologies whether it is AI (artificial intelligence), digital identity or blockchain”. Otherwise, it will not not withstand the competition and will lose customers. Also Bhalla states that Mastercard has already “invested heavily” in blockchain technology and plans to do it further.