“In payments, the current challenges are the digitalisation and the fast move towards the digital aspects,” said Ugnė Buračienė, Group CEO of payabl., while speaking to Finance Magnates at iFX EXPO International 2024. There are also many opportunities in the payments industry, some being the “emerging markets and emerging payment trends.”

“Make Sure That All of the Infrastructure and Ecosystem Is Collaborating”

According to Buračienė, “The challenge, as it stands, is managing and balancing all of those aspects into one, whether it’s regulatory, security, or making sure that the end consumers are receiving a safe and secure payment option.”

Buračienė joined the Cyprus offices of payabl. in mid-2020 as the CEO and GM. She was promoted to Group CEO in April 2022, responsible for covering the UK, Germany, the Netherlands, and Cyprus markets.

She is a payment industry expert, having spent about five years at Unlimit (formerly Cardpay), where she last held the position of Client Director & Head of the UK Office. She also worked at other payment companies, including AlgoCharge and Compass Plus.

She further stressed that “the most important aspect for payment companies is to make sure that all of the infrastructure and ecosystem is collaborating, [and] whatever is offered to the businesses and the end consumer is already well-rounded, meaning solutions must not impose any challenges for them.”

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At the iFX EXPO International, Buraciene moderated a panel that discussed the evolving payments industry and how traditional and digital payment methods at a critical juncture.

“There Is a Trend”

Established in 2011, payabl. offers solutions such as card acquisition, alternative payment methods, payment accounts, and prepaid cards. One area it has yet to touch is the crypto payments industry.

“There is a trend for sure,” Buračienė admitted on the rise of crypto payments, adding that “whether it’s really well adopted in terms of the payments landscape and acceptance in payments, that’s still not the case.”

“Crypto payments, in general, only constitute a usual checkout page, which is less than 5 per cent. There is still a very long way to go to make it mainstream.”

On the future of cryptocurrencies, she said “there are many improvements in terms of the regulations that are coming now with MiCA and other regulations. These frameworks will make it easier, at least in Europe, to make sure that the offer of the cryptocurrencies for the end consumers and the businesses are secure and safe.”

Despite the incoming regulatory frameworks, Buračienė believes that a total adoption of crypto payments still has “a very long way to go.”

“Usually, all of them have to go through a certain maturity level. For example, card processing and card payments have been in the market for many years. These payment modes have been completely adopted in terms of disputes, security, and safety for the end consumer. So, when that is done, then the mainstream can happen.”

Despite the rise in popularity of crypto payments, she believes that instant payments would be the next trend.

“There’s a lot of focus on it and how to bring that into reality,” Buračienė said, highlighting instant payments. “I think it’s really a very fast-growing trend and brings the best for the end consumer and for the businesses. However, unfortunately, there are still a lot of challenges that need to be tackled.”