PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

Expense Management and Virtual Payments Continue to Expand with American Express and Cvent Partnership

Ben Danner by Ben Danner
November 3, 2022
in Analysts Coverage, B2B, Featured Content
0
virtual payments

Global non-cash transactions will grow by 14% in the period 2017-2022 with the US leading the top ten markets for non-cash payments. Although cash is still the predominant form of transaction payment, the long term sees online payments taking over. This means that money management is going to take place online as more people conduct their business electronically. Given this shift in consumption patterns, the question remains whether online payments and transactions are safe and if online money management is secure. Security of Virtual Payments and Transactions Electronic payments are convenient and fast. Unfortunately, digital transactions are also vulnerable to cybercriminals with 1 in 15 people a victim of identity theft. Stats indicate that there is a new victim of identity theft every 2 seconds. Credit card fraud is a common form of identity theft. When a person gets hold of your card and details, they can make purchases online or offline making it essential to know what to do when data is breached. Not doing anything can create havoc on your finances and even your credit score. There are several ways as well to enhance online security and ensure that your electronic transactions are protected. Operating on a secure internet connection, updating your anti-malware or anti-virus program, putting up a firewall, and using strong passwords are some things that you can do to prevent theft and fraud. Visiting only secure websites is a must as well as checking that sites have several levels of data encryption to guarantee that your details are not revealed while your information travels across the worldwide web. Managing Finances Online Through Apps and Software An advantage offered by non-cash transactions is the ability to manage your finances online. There are several apps and widgets that you can download to use on computers and mobile devices. Online financial software and apps are easy to use, secure, and do not require backups. Software updates are also automatic ensuring that you’re using an up-to-date technology. However, to make sure that the software is safe, it is your responsibility to check its reliability, level of data encryption, privacy statement, and data backup policy. It’s also a good idea to verify if there is an active tech support in cases of problems or glitches. Only then can you safeguard your financial data. Online transactions are likely to increase in the future and at some point, will replace cash payments completely. Understanding that it is essential to control and secure your financial information decreases the chances for fraud and data breach.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

It’s clear that the pandemic accelerated digital transformation among global businesses. Among these developments was a re-evaluation of how businesses pay their suppliers. This has presented an opportunity for B2B payments providers and AP automation vendors to deliver easy-to-use, seamless, unified experiences.

One area of significant digitalization was in the business travel and corporate events space. Corporate preferences have begun to align with everyday consumer payments experiences. It is in this space that we saw developments in web and mobile payments. These include significant interest in virtual payments and expense management platforms.

American Express Partners with Cvent

With this background, it comes to no surprise that American Express recently announced a partnership with Cvent, a corporate meetings, events, and hospitality provider, to further expand virtual payment capabilities within Cvent’s Event Marketing & Management platform.

Included in the announcement were results from the American Express Meeting & Events Trendex survey conducted in September of this year. The survey found that 81% of corporate event & meeting planners are using an automated payments process and 82% expect further automation of these processes within the next six months.

Expense Management Platform Experience

Furthermore, the top ranked feature that planners were looking for in an expense management platform was a simple user experience (50%) followed by enhanced security (48%). Mercator conducted a study on expense management platforms, similarly, finding that ease-of-use and security were important factors to corporate stakeholders.

As corporate buyers, and suppliers come to alignment on the important features of virtual payments, we expect continued expansion of this novel payment’s method.

Overview by Ben Danner, Research Analyst at Mercator Advisory Group.

Tags: American Expressb2b paymentsCventExpense Managementvirtual payments
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    instant payments, real-time payments, RTP

    Banks Developing Instant Payments Products in the U.S. Should Focus on Billers to Generate New Revenue Streams  

    May 31, 2023
    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023
    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023
    SASE, security-as-a-service

    Security-as-a-Service Secures
    Distributed IT Models

    May 23, 2023
    mule. real-time

    Early Detection of Mule Activity Requires Real-Time Solutions

    May 22, 2023
    embedded finance, ecommerce

    How Retailers Can Enter the World of Embedded Finance Confidently 

    May 19, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result