As 2024 draws to a close, it’s been an eventful year for the payments industry, marked by rapid innovation, unexpected challenges, and evolving consumer expectations. Experts at Aevi, the in-person payment orchestration firm, share their key takeaways, lessons learned, and perspectives on the trends shaping the future of paytech.
Reflecting on 2024, what were the key takeaways and lessons learned for your company and the broader payments industry?
This year taught us that we are all vulnerable to the risks of interconnected systems, as highlighted by a global outage caused by a faulty software update from CrowdStrike. This incident disrupted operations across airlines, banks, and media outlets, resulting in billions in losses for major corporations.
Mike Camerling, CEO, Aevi
Mike Camerling, CEO said: “The incident has underscored the critical need for resilience, especially in industries like payments, where operational continuity and consumer trust are paramount. The Bank of England has emphasised the need for payment firms to enhance their operational resilience, mandating improvements by March 2025 to better handle disruptions like cyber-attacks or system failures.
“Implementing comprehensive risk management strategies and diversifying technological dependencies are essential steps to mitigate the impact of unforeseen incidents, thereby maintaining the stability and reliability of payment systems.
“However, the importance of resilience extends beyond recovery, it involves strategic preparedness and flexibility. Aevi’s approach, enabling businesses to work with multiple acquiring partners through orchestration, not only enhances resilience but delivers substantial cost-saving benefits.
“By diversifying partnerships, merchants and payment service providers can optimise transaction costs, negotiate better rates, and reduce dependency on a single acquirer, which could otherwise lead to vulnerabilities during outages or service disruptions.
2024 has been a big year for Aevi. What have been the highlights?
Camerling added: “The growing importance of in-person payment orchestration, often referred to as card-present payment orchestration, has been a highlight. Traditionally focused on online payments, orchestration’s extension to in-person transactions is transforming sectors like retail, transport and hospitality by optimising physical payment touchpoints.
“Aevi is a leader in this rapidly growing field, offering centralised, multi-acquirer orchestration for both online and in-person payments. By streamlining transaction processes and enhancing customer satisfaction, we’re empowering our customers to strengthen their market presence while addressing merchants’ needs for operational efficiency and future-proofing.”
What trends in in-person payments do you see shaping the future? Any surprising shifts?
Martin Herlinghaus, director of corporate development, Aevi
Martin Herlinghaus, director of corporate development said: “2024 has been a pivotal year for the payments industry, with its true impact only to be felt over the next couple of decades, but the biggest trend of 2024 is the ‘dematerialisation of payments’, with credit cards transitioning to digital wallets and SoftPOS technology eliminating the need for physical payment hardware.
“This aligns with the second major trend: customer experience as the defining value of payment transactions. This economy is defined by a new generation of consumers who carry their business relationships in their pockets and want their partners to provide them with choice, connectivity and instant, seamless execution.
“Payments are increasingly becoming the foundation of customer relationships, driving the rise of platforms that unify cloud-based infrastructure and AI-powered data insights. Payment orchestration has transitioned from a digital innovation to a critical enabler of in-person transactions, breaking down traditional silos and delivering seamless engagement across channels.”
AI’s impact on fintech this year is undeniable. Where do you see it driving innovation?
Miroslav Pekárek, CPO noted: “The future of fintech powered by AI is promising, with significant advancements expected in customer service, risk management, cost, operational efficiency, and financial inclusion. For instance, AI will redefine fintech by enhancing personalised customer experiences, improving fraud detection and credit scoring, automating operations, and fostering financial inclusion through cost-effective digital banking solutions.
“These advancements will increase efficiency, security, and accessibility, shaping an ecosystem that is both inclusive as it is innovative. AI-powered insights will also empower businesses to better understand customer needs adapting quickly to market changes.”
Unattended retail and smart building technologies are gaining traction. How are these influencing product development and payment strategies?
Pekárek continued: “New payment trends, particularly incorporating personal identification technologies, are revolutionising contactless payment methods. In the near future by leveraging biometric data such as fingerprints and facial recognition, the payment systems will enhance security and streamline the transaction process.
“Consumers will be able to enjoy seamless, faster, and more secure payment experiences, reducing the need for physical contact and minimising the risk of fraud. This shift towards more personalised and secure payment options is not only reshaping consumer expectations but also driving innovation within the industry.”
EV payment anxiety continues to be a concern. How should businesses address this?
Camerling said: “The EV charging industry must adapt as it shifts from early adopters to the mass market. Drivers need a familiar, smooth payment experience, yet the current ecosystem relies on fragmented systems with the need for multiple apps and cards.
“Integrating payment terminals at charge points can simplify transactions and connect EVs to the payments ecosystem. Regulators pushing for terminal adoption are offering a unique opportunity for providers to innovate and create value, transforming what could be seen as mere compliance into a strategic advantage.”
What have been the biggest challenges for in-person payments this year?
The in-person payments space faced several hurdles in 2024. Frank van der Wielen, director of business development EMEA notes the fierce competition in the crowded SoftPOS market, making differentiation difficult, while Joe Rodriguez, business development manager US points to resource constraints as a major hurdle, slowing technology integration and prioritisation.
Alex Benjamin, director business development US highlighted the challenges of transitioning from reseller to in-house solutions, requiring significant organisational investment. Victor Padee, director of business development EMEA, on the other hand, emphasised evolving consumer expectations, regulatory compliance, and balancing the move to cashless systems, all while ensuring security and resilience as a standout roadblock.
Can you share any winning and losing strategies in the payments space from this year?
Frank van der Wielen, director of business development EMEA
van der Wielen said: “Aevi’s partnership with Silverflow has been a winning strategy, opening new markets and increasing flexibility for PSPs. Alex emphasised their API-first approach, which simplifies embedded payment integration and modernises processing for customers. Victor highlighted digital transformation successes, like Visa’s collaboration with Affirm, which meet evolving consumer needs.
“Conversely, losing strategies included over-investment in proprietary hardware, as noted by Frank, and inflexibility to customer needs, per Alex. The key lesson is that adaptability, security, and customer-centricity are critical for long-term success.”
From events like MPE, ETA Transact, and Money20/20, what were the most valuable insights?
Sarah Koch, director of marketing and communications at Aevi
Sarah Koch, director of marketing and communications said: “Industry events this year revealed the key trends for the future of payments. At Money20/20 in Las Vegas, leaders from J.P. Morgan and Sephora spoke of the importance of seamless, line-free shopping experiences, whereas discussions with Stripe, 451 Research, and Discover emphasised AI-driven fraud prevention and invisible transactions by 2030.
“At MPE, SoftPOS and Tap-to-Pay technologies were showcased as key drivers of mobile and contactless growth. Agility, next-gen processors, and partnerships, like banks collaborating with fintech providers, were underscored as pivotal aspects to innovation and competitiveness.”
Finally, looking ahead to 2025, what can we expect from Aevi?
Camerling concluded: “As in-person payment orchestration continues to gain momentum, Aevi is uniquely positioned to lead the way in delivering innovative solutions that meet the evolving needs of merchants and their consumers.
“By providing a platform that seamlessly integrates multiple parties and payment methods, Aevi ensures that its customers, Acquirers, ISOs, ISVs & PSPs can offer a smooth and flexible payment experience to their merchants, while also optimising their backend operations. This approach allows them to stay agile in an increasingly complex and competitive payments landscape, while enhancing the consumer experience through faster, more reliable transactions.
“Looking ahead, Aevi will continue to prioritise innovation and flexibility, reinforcing its commitment to improving both the consumer and merchant experience. The company’s platform is designed to adapt to changing market dynamics, offering businesses the freedom to choose the best payment solutions for their specific needs.
“By focusing on both business optimisation and an exceptional payments experience, Aevi is set to remain at the forefront of in-person payment orchestration, empowering merchants to deliver value to their customers while driving operational excellence in the back office.”
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