E-INVOICING & E-PAYMENTS
The sustainability of using e-invoices As payments technology moves into the future ( as discussed with the emergence of blockchain technology ), one need that payments providers will have to meet is the end-users ’ growing desire to adopt sustainable practices in their purchases .
According to Worldpay ’ s recent Future Shoppers report , almost three-quarters ( 73 %) of all consumers said they would likely be influenced by sustainability and the environment when deciding where to shop in the coming years .
Tracking the environmental impact of spend could , therefore , become a key consideration for payments providers in the future .
Gabriel de Montessus , Head of Global Enterprise at Worldpay , told FinTech Magazine : “ Sustainable protocols in eco-friendly payments involve minimising the environmental impact of payment processes .
“ This includes transitioning to renewable energy sources for transaction validation , reducing paper usage , promoting carbon offset initiatives and alternatives to first-use PVC plastic payment cards .
“ The increased adoption of biodegradable cards , as well as digital and contactless payments , will ultimately lower resource consumption in comparison to cash and plastic cards .”
What ’ s more , payment software providers can also look to implement digital receipt options to drive down he use of paper by retailers .
“ This is something acquirers like Worldpay can offer merchants – solutions for e-invoicing ,” Gabriel adds . He concludes : “ Collaboration across the industry to establish standardised eco-friendly practices and raising awareness among consumers about the environmental impact of their payment choices are crucial for fostering a sustainable payments ecosystem .”
So , by adopting the latest technologies in payments and offering leading fraud prevention services , payments providers can work towards a consumer-friendly , sustainable future for payments .
The future of e-invoicing and e-payments in procurement As technology continues to evolve , the future of e-invoicing and e-payments in procurement looks promising :
• Artificial intelligence and machine learning : These technologies are expected to play a larger role in automating invoice processing , fraud detection and payment optimisation .
• Blockchain technology : The use of blockchain in e-invoicing and e-payments could further enhance security and transparency , potentially revolutionising the way financial transactions are conducted in procurement .
• Global standardisation : As more countries mandate e-invoicing , we can expect to see greater standardisation of formats and processes , facilitating cross-border transactions and global trade .
166 December 2024