By: Austin Denson, Marketing Coordinator
Last week, the G2 team had the pleasure of attending eCom21 in Riga, Latvia. This was the fifth annual event and an amazing opportunity to network with payments professionals from all over Europe. The attendees primarily came from Russia, Latvia and the Baltic region. The major themes at the conference centered around big data, cryptocurrencies and alternative payments.
Cryptocurrencies: Innovation or Irritant?
Cryptocurrencies are relatively young, but a disruptive technology for the payments industry. It has not yet been incorporated into the traditional banking environment and many speakers at the event expected that we will be seeing an increase in the innovations and solutions around cryptocurrencies.
In Europe, for the first-time cryptocurrencies will be regulated with AML regulations. In countries where the government monitors every transaction, cryptocurrencies allow more freedom. This freedom however, has the potential to breed innovation from violators.
We are still in early stages of adoption and integration with cryptocurrencies, yet at G2 we have already seen a dramatic rise in the number of fraudsters attempt to use cryptocurrencies for violating products.
Payment professionals gather at eCom21’s 5th Annual International E-Commerce Conference in Riga, Latvia on Thursday, Nov. 18, 2016
Other Key Takeaways from eCom21’s 5th Annual International E-Commerce Conference
- Online payments are growing eight percent faster than physical card payments, and banks are seeing a big transition to mobile and smartphone transactions. These transactions can be high-risk and require advanced customer due diligence.
- Cash is still king in Russia. The current payment environment in Russia is still seeing a high level of cash usage. Many initiatives are under way to encourage consumers to cards or other types of payments. One example is a kiosk at a Russian metro station exchanges cash for cryptocurrency.
- Fintech growth continues in Russia, Latvia and the Baltics, which positions this region as a gateway between the East and West for financial innovation.
To learn about some of the trends highlighted at eCom21 and in 2016 join us for a webinar on the threats and trends that dominated risk and compliance in 2016.