Hydrogen Payment Services CEO Kemi Okusanya Speaks on “The Future of Cards” at 2024 CeBIH Annual Conference
…… Insights on Fraud Mitigation, Open Banking, Blockchain Lead Conversation
The 2024 Committee of e-Business Industry Heads (CeBIH) Annual Conference, held at the Eko Convention Centre, Victoria Island, Lagos, convened key stakeholders, regulators, and innovators to deliberate on the future of payments. A central highlight of the event was a panel discussion on “The Future of Cards,” featuring Kemi Okusanya, CEO of Hydrogen Payment Services. Recognised as a thought leader in the payments industry, Okusanya shared valuable insights into mitigating fraud risks and leveraging emerging trends to ensure the card industry’s relevance in a rapidly transforming financial ecosystem.
Okusanya began by addressing the pressing need to combat cyber threats, emphasising advanced fraud mitigation tools. She identified behavioral biometrics—a technology that analyses unique user behaviors such as typing speed and swipe patterns—as a key enabler of enhanced security. This, coupled with AI-driven analytics and tokenisation, creates robust systems to detect anomalies in real time and protect sensitive user data. “Fraud prevention is not just about defense but also about building consumer trust through seamless yet secure payment solutions,” she remarked.
Speaking on emerging trends, Okusanya highlighted transformative shifts shaping the payments landscape. She underscored the growing importance of open banking, which enables seamless integration across banking systems through standardised APIs, creating opportunities for more innovative and personalised financial products. She also noted the increasing influence of blockchain technology in enhancing transaction transparency and facilitating real-time cross-border payments. Additionally, the rise of cryptocurrencies is pushing the boundaries of traditional card-based systems, requiring the industry to adapt to new forms of value exchange.
“Consumer expectations are evolving rapidly. They demand faster, more integrated, and highly secure payment options,” Okusanya explained. “The card industry must embrace these trends, not just to stay relevant but to lead the transformation in how payments are made globally.”
Addressing the need for cards to be built for with consideration for future relevance:
“Cards remain central to the payments ecosystem, but their relevance depends on their ability to evolve,” Okusanya emphasised. “The future of cards lies in their transformation from simple transaction tools to dynamic enablers of personalised, secure, and integrated financial experiences. By embracing innovation and forging strong collaborations across the ecosystem, the card industry can continue to meet the diverse and changing needs of consumers and businesses alike.”
Okusanya’s contributions at the CeBIH 2024 Annual Conference reinforced the card industry’s potential to thrive in an era of rapid technological advancement and reechoed Hydrogen Payment Services’ commitment to driving innovation and shaping the future of payments.
