{"id":4553,"date":"2019-04-17T20:08:41","date_gmt":"2019-04-17T20:08:41","guid":{"rendered":"https:\/\/www.paymentfacilitator.com\/?p=4553"},"modified":"2021-06-15T21:25:54","modified_gmt":"2021-06-15T21:25:54","slug":"payments-have-become-plumbing-poynt-ceo-osama-bedier-on-remembering-the-ultimate-value-of-payments","status":"publish","type":"post","link":"http:\/\/infinicept.com\/payment-facilitator\/archive\/payments-have-become-plumbing-poynt-ceo-osama-bedier-on-remembering-the-ultimate-value-of-payments\/","title":{"rendered":"\u201cPayments Have Become Plumbing\u201d: Poynt CEO Osama Bedier on Remembering the Ultimate Value of Payments"},"content":{"rendered":"\n<p><strong>For most of us, it\u2019s obvious that you don\u2019t buy a house and&nbsp;<em>then <\/em>put in the plumbing. You expect the plumbing to be there when you put the key in the door the very first time.<\/strong><\/p>\n\n\n\n<p><strong>That same logic increasingly applies to the way payments are viewed, according to Osama Bedier, CEO and founder of Poynt.&nbsp;<\/strong><\/p>\n\n\n\n<p>\u201cPayments have become plumbing,\u201d Bedier said during the keynote address at PF WORLD 2019 earlier this month. \u201cYou can\u2019t actually deliver a great commerce experience without payments already paving the way.\u201d<\/p>\n\n\n\n<p>Bedier quoted Theodore Levitt, who was one of the founders of modern marketing, as saying that \u201cevery major industry was once a growth industry.\u201d According to Levitt\u2019s&nbsp;<a href=\"https:\/\/hbr.org\/2006\/10\/what-business-are-you-in-classic-advice-from-theodore-levitt\">theory<\/a>, many industries stop growing when they stop defining their business by the needs they serve for customers, focusing instead on the good or service they produce.<\/p>\n\n\n\n<p>The payments industry is at a transformational point where it is refocusing on its purpose \u2013 the needs of customers in the current market, Bedier said.<\/p>\n\n\n\n<p>&nbsp;\u201cWe\u2019ve been at it for so long, we sometimes forget \u2013 what is the value we provide?\u201d he said.<\/p>\n\n\n\nhttp:\/\/<iframe loading=\"lazy\" width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/JSAapdM5spE\" frameborder=\"0\" allow=\"accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen=\"\"><\/iframe><h2><br><\/h2>\n\n\n\n<p>The integration of payments into software is part of the industry\u2019s transformation back into prioritizing the needs of customers.&nbsp;<\/p>\n\n\n\n<p>According to Bedier, the advent of ecommerce means that items for sale have become a \u201cutility\u201d \u2013 shoppers will buy goods online wherever they can get the cheapest price \u2013 reducing the means for retailers to make a profit on the goods they sale. This means that successful retailers will look to develop relationships with their customers by delivering better experiences.<\/p>\n\n\n\n<p>\u201cThe more invisible payments are, the better the experience,\u201d he said. \u201cThe best payment experience you\u2019ve ever experienced is Uber \u2013 one that doesn\u2019t exist.\u201d<\/p>\n\n\n\n<p>Bedier told the audience that, while U.S. payment facilitators handle $600 billion in payments processing volume today, they\u2019re on track to handle $1.5 trillion in the next three years. Acceleration like that will lead the model to account for a significant portion of the $7.5 trillion in credit card volume processed each year, he argued.<\/p>\n\n\n\n<p>\u201cIt\u2019s not too far out where 50-plus percent of it becomes led by software players, with payments being already inside the software,\u201d Bedier said.<\/p>\n\n\n\n<p><em>Watch for more insights from across the payment facilitator ecosystem as we continue to share video from PF WORLD 2019 in future weeks.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u201cPayments have become plumbing,\u201d Bedier said during the keynote address at PF WORLD 2019 earlier this month. \u201cYou can\u2019t actually deliver a great commerce experience without payments already paving the way.\u201d<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1015],"tags":[145,146,229,688,709,876,877],"class_list":["post-4553","post","type-post","status-publish","format-standard","hentry","category-archive","tag-cashless-payments","tag-cashless-society","tag-digital-payments","tag-pfworld2019","tag-poynt","tag-the-payment-facilitator-landscape","tag-the-payment-facilitator-model"],"acf":[],"_links":{"self":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/comments?post=4553"}],"version-history":[{"count":1,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4553\/revisions"}],"predecessor-version":[{"id":7193,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/posts\/4553\/revisions\/7193"}],"wp:attachment":[{"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/media?parent=4553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/categories?post=4553"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/infinicept.com\/payment-facilitator\/wp-json\/wp\/v2\/tags?post=4553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}