Two years ago, prior to Thanksgiving, I asked each Risk Forum member to provide me the one thing they were thankful for in payments. This year, I posed a bit of a different question to my colleagues and asked them what payment innovation they are most thankful for. Without further ado, the Risk Forum presents our 2021 Thanksgiving week "What payment innovation are you thankful for?" list.
- Nancy Donahue, project manager: I'm thankful for innovation in voices contributing to payments because it's through these different and diverse viewpoints that the industry develops solutions that are inclusive of all consumers!
- Claire Greene, payments risk expert: I am thankful for the electronic receipt of bills and automatic bill pay. As a payments expert who doesn't want to think about her personal payments, I remember the monthly stack of envelopes on my dining room table.
- Scarlett Heinbuch, payments risk expert: I am thankful for the innovation of dongles and payments apps that make it easy for small businesses and individual sellers to accept credit card payments.
- Douglas King, payments risk expert: I am thankful for innovation in payroll that makes my payday afternoons more flexible through the ability to receive my paycheck via direct deposit. Prior to direct deposit, I distinctly remember receiving a check at my job and then heading to a bank only to wait in a long teller line on Friday afternoons with others to deposit our paychecks.
- Dave Lott, payments risk expert: I am thankful for the ability to make contactless payments with my debit card at stores and gas pumps as it is much faster.
- Sally Martin, senior business analyst: I am also very thankful to be able to schedule payments electronically, either once or as many times as I want out to infinity. Keeps me honest and doesn't allow me to rob Peter to pay Paul as easily. Also, I don't have to think about doing it every month when the due date comes along.
- Catherine Thaliath, project management expert: I am thankful for digital wallets that make it convenient to store my credit cards, boarding passes, concert tickets, loyalty cards, etc., all in one place!
- Jessica Washington, payments risk expert: I am thankful for mobile deposit capture. When I do get lucky enough for someone to give me money (outside employer) and it is a check (whah, whah) I love that I can pop that moolah into my account right after I open the mail or birthday card.
And we are thankful for YOU, our readers of Take On Payments and supporters of the Risk Forum. We sincerely appreciate your comments, kudos, and criticism, and hope that you all find value in the information we provide and share. As we enter into these crazy last weeks of 2021, we wish you and yours a wonderful holiday season.
By Douglas A. King, payments risk expert in the Retail Payments Risk Forum at the Atlanta Fed