Frontiers of innovations. Are we heading to the post-innovation era in payments?
06 February 2015
For years, the industry innovated to make the payment process for the customer as simple as possible. But with the simplicity came a price. Molding different instruments into one interface, are we heading to the point when there is nothing more to innovate?
As payments become as ‘simple’ as water or electricity supply, let us look at what regulation, customer relations and local vs global will look like in this presumably ‘post-innovation’ era. Speaking as president of Russia Electronic Money Association, Dr Dostov share his experience from Russia, with fresh perspectives and takeways including:
- payment innovations and the "tango" with regulatory bodies
- end of innovation: customer satisfaction optimized?
- should payment synergies be increasingly local or global?
Dr. Victor Dostov is a President of the Russian Electronic Money Association, organization representing the largest electronic money operators in Russia. With the background in management, research and investment in payment technology projects, Victor is one of the leading experts in the field. He advised public bodies on drafting regulation for electronic money in Russia and continues to provide his expertise on the further evolution of legal framework – especially prudential supervision and AML/CFT issues. He previously held a position of a founding partner in PayCash Group where he contributed to the launch of successful projects both in Russia (Yandex.Money, Beeline mobile commerce, etc) and abroad. Victor is also known as an ardent proponent of using hi-tech payment instruments for enhancing financial inclusion and therefore provides his expertise in CGAP, AFI, FATF and Eurasian Group. Since 2013 he is also a Head of Financial Innovations Division of the Russian Presidential Academy of National Economy and Public Administration (RANEPA).
Dr. Dostov gives lectures on new technologies and is a frequent speaker at international events. He is also a columnist, the author of publications on new payment methods, regional author for “Financial Regulation International” (Informa) and a member of expert board for the Settlements and Transactions in a Commercial Bank Journal .