In the rapidly evolving world of financial technology, staying ahead of trends and adapting to new challenges is crucial. In this interview, Amborish Acharya, VP of Engineering at Opn, shares his extensive experience and insights into trends in global payments.

Amborish Acharya’s career in FinTech began in 2005 with a Bangalore-based startup specializing in financial risk management using advanced statistical and mathematical models. Over two decades, he has immersed himself in various facets of the payment sector, including online banking, NFC, mobile banking, embedded finance, acquiring, issuing, and lending. Since joining Opn, Amborish has been instrumental in driving key projects and initiatives, from PayFac-as-a-Service, Acquiring-as-a-Service, Issuing-as-a-Service, to enhancing scalability in our core payment infrastructure.

Here are all of the questions we asked about the current payment technology trends and how the engineering team ensures they stay ahead of the curve.

Exploring Current Payment Technology Trends

Interviewer: What key trends do you foresee shaping the future of payment technology on a global scale?

Amborish: There are several key trends driven by advancements in technology, changing consumer behaviors, and regulatory developments. Some of the future trends are:

• Digital and Contactless Payments: Mobile Wallets like Google Pay, Apple Pay, and TrueMoney Wallet are gaining prominence. QR code-based payment systems are especially popular in emerging markets due to their affordability and ease of use. For instance, the use of PromptPay in Thailand has experienced substantial growth, with a 179.67% increase in transaction volumes from 2020 to 2023, according to data from the Bank of Thailand.

• Cryptocurrencies: Bitcoin and Ethereum are gaining acceptance among major corporations and payment providers. Central Bank Digital Currencies (CBDCs) could revolutionize the traditional banking and payment systems.

• Biometric Authentication: Methods like fingerprint, facial recognition, palm scans are becoming more widespread, offering enhanced security for transactions. Amazon recently launched palm scan payment technology for the customers in the US, which might take cashless payment to another level.

• AI and Machine Learning: These technologies are increasingly used to detect and prevent fraudulent transactions in real-time. Also AI-driven insights enable personalized financial services and targeted marketing, improving customer engagement.

• IoT Payments: Transactions can be effortlessly and automatically initiated by smart appliances, wearable devices, and other connected gadgets. According to Introspective Market Research, the global IoT payments market is projected to grow from USD 258 billion in 2022 to USD 14,886 billion by 2030.

Other trends like open banking, cross border payments, embedded payments are to watch for.

Interviewer: Modular technology has been gaining traction in various industries. How do you define modular technology in the context of payment products?

Amborish: Modular technology in payment products involves using interchangeable and independent components or modules that perform specific functions within the payment system. This approach allows for flexible, adaptable, and efficient payment solutions. Shifting from monolithic to microservices architectures is a prime example, where each service is independent and addresses specific business needs. Modular payment systems can scale to meet increasing transaction volumes and evolving business requirements, similar to assembling LEGO blocks tailored to specific needs.

Interviewer: Can you provide an example of how modular technology has been integrated into one of our recent payment products?

Amborish: Opn’s strategic shift towards modular technology in the past few years has significantly enhanced its ability to deliver products quickly and efficiently. By adopting an adapter pattern, the engineering team can easily onboard new banks and customize backend services to meet specific requirements. This modular approach also extends to PayFac-as-a-Service’s dynamic onboarding processes for sub-merchants, allowing for fast and flexible integration.

From a business perspective, modular technology offers several benefits:

• Speed to Market: Modular components, akin to LEGO blocks, enable faster product development and deployment.

• Cost Efficiency: Reduced engineering capacity and maintenance costs allow for more efficient resource allocation.

• Simplified Maintenance: Isolated modules make it easier to identify and resolve issues, enhancing overall system reliability.

Strategies for Staying Ahead in Tech Innovations

Interviewer: What strategies do you use to ensure your engineering team stays ahead of the curve with technological advancements and industry trends?

Amborish: To ensure that our engineering team stays ahead of the curve with technological advancements and industry trends, we employ several strategies. These strategies focus on continuous learning, proactive adaptation, and fostering an innovative culture. Scrum teams have their internal training, QA teams conduct regular workshops with team members, and Infrastructure teams organize training sessions with AWS learning teams, among others. The latest initiatives include domain-driven design and advanced AI tools like Bedrock. Employees are encouraged to obtain industry-recognized certifications such as AWS Solution Architect. Additionally, team members frequently attend conferences and seminars to stay updated on new technologies and trends.

Interviewer: What best practices does your engineering team follow to foster innovation and efficiency in product development?

Amborish: Fostering innovation and efficiency in product development requires a multifaceted approach that includes adopting the right methodologies, encouraging a supportive culture, and leveraging tools and technologies effectively. Practices involve frameworks like Scrum for iterative development and Kanban for continuous workflow management. The focus is on developing MVPs to validate ideas quickly and gather user feedback early in the process. Additionally, using IaC tools like Terraform helps automate and manage infrastructure, ensuring consistency and scalability

Interviewer: Can you share any insights into upcoming projects or innovations that your engineering team is currently working on?

Amborish: Our engineering team is currently focused on projects such as Payment-Gateway-as-a-Service, scheduled for launch soon, automated rule-based underwriting, and decoupling statement flows. Within the engineering platform team, we are re-architecting legacy designs to enhance system scalability and minimize post-deployment incidents. Additionally, we are exploring Proof of Concept (POC) initiatives with AI-driven tools like Co-Pilot to boost productivity.

Conclusion: Shaping the Future of Digital Payments

Interviewer: Is there anything you'd like to add about your role as the VP of Engineering for a payment company? What do you find unique about this space compared to other industries?

Amborish: Something I want to talk about based on my experience in the payment industry is its complexity. We handle sensitive customer data like credit card information and even customer emotions sometimes because each customer behaves differently. Understanding how they spend and their various payment methods, including cash, is crucial. Transforming customer behavior to embrace digital payments is a key focus for us in this decade. As a company, our main strategy and vision are centered around contributing more to the digital economy.

As VP of Engineering, I believe I play a significant role in this transformation. Every product we develop aims to facilitate the shift from cash to cashless transactions for our users. So, I think this has been a wonderful journey. So far, we have made a significant impact on people’s daily lives. There are many new technologies emerging, and I would like to adapt to those technologies here at Opn. I am confident we will continue to make a difference in the coming years and months.