By Arturo Alejandro Canseco,
Legal & fintech associate at Ramos Ripoll Schuster firm
Payments – Fintech Foreign Advisor at Etisalat, Mexico



Brief Insights About Payments in 2025

It is certainly complex to predict the future but in financial services issues, even though they are disruptive, and their development and adoption processes are in theory faster than their regulation, this does not mean that they cannot be predictable.

It has taken less than one generation and one international event to bring our online worlds into the center of many of the daily experiences the world’s population has evolved faster than anticipated. This reality, like it or not, is here to stay and its impacts will be exponential and viral.

As part of the first steps of a financial transformation is the contactless technology (also known as Near Field Communication, or NFC) is also driving the change currently many countries allow citizens to perform their operations with this type of technology.

Currently, the NFC is approaching a potential turning point in terms of use Latin America and Europe are examples of adoption of such solutions in digital payments .

There are currently companies in the Emirates that support the process of more than one billion payments in a given period of time.


Security and Efficiency Must Go Hand in Hand in the Evolving World of Payments

The barriers between the physical and virtual worlds will explore a need for new payment products thereby strengthening their security systems while maintaining high levels of security

We are currently witnessing an improvement in the registration of a secure authentication method – offline, which is one of the main objectives of the use of smart cards instead of magnetic stripe cards, which cannot participate in the authentication process that brought about failures and security problems that have cost millions of dollars to today’s best known brand owners such as VISA and MasterCard.

A transaction involving these brand owners contains four main steps:

The first step is the reading of the data that is needed by the terminal to process it as an example when we insert our card in the machines that are in the commercial department automatically and in a matter of seconds with smart cards scans the information entered.  To do this, the terminal asks the chip card for the required data.

The next step is to confirm the authenticity of the card, an important part of which is to verify the security of the information on the card.  For this purpose, there are three approaches called Card Authentication Methods (CAM): “Static-Data-Authentication” (SDA), “Dynamic-Data-Authentication” (DDA) and “Combined-DDA-with-Application-Cryptogram” (CDA). All three of them are violated by Cyber Attacks

The third step is the verification of the card holder through a negotiation between the card and the terminal to choose a possible cardholder verification method.  In this way, the data element to keep the verification method selected is called CVM (Cardholder Verification Method). The usual possible approaches to authenticate the cardholder are the introduction of a (PIN), Personal Number Identification the signature of the cardholder or nothing at all. The last step is to authorize the transaction. For this, the terminal will confirm that the cardholder has enough balance for the current transaction all of them have had serious problems of violation one of the points that I consider are the most important in the evolution of payments to 2025 is to improve this process a variant that can strengthen this is the technology Blockchain but from this I will make another article later for now I want you to stay with the idea that for a healthy payment system worldwide is necessary to improve the internal infrastructure of them as soon as possible


The Pathway to the Crypto-Economy

That time I closed my eyes I imagined a world without cash, a simple world paying with our devices, I consider that at least the first step has been taken to such an extent that the Central Banks are studying the benefits of electronic money, meanwhile in 2009 gave birth to a protocol that later became known as Bitcoin, and today is the digital currency of greater value.


A look in the Digital Mirror will give you the Future of Digital Payments

Some companies are already starting to make use of biometric technology such as fingerprint scanning and facial recognition to mention a few to complete their payment processes.

According to Juniper Research, there will be 770 million biometric authentication applications downloaded annually by 2021.

With this technology comes not only convenience, but an exciting new form of security and identity verification that seems not to be all true since face recognition as a security measure is not very secure. Facial recognition falls into the most common oblivion of biometrics (as does iris recognition) when it fails, however the use of photos as a security element has been incorporated into some new mobile payment systems such as Square, the US phone application that allows small businesses to accept card payments. However, sometimes it fails as a security measure because some people upload photos that are not theirs, and it only works when the person trying to pay has their phone with them the same happens with people who are similar in appearance as well.


In the period of 2025, despite the variety of electronic currencies that will probably be due to the fact that Central Governments will have already had time to study implications in addition to electronic forms of payment, coins and bills will still be in common use in some countries in the Middle East region.

Technology will adapt to us, our experience will improve, making it easier to pay for things, even for people who do not like technology banks and companies will focus on improving the user experience As in so many other areas, the more advanced the technology, the less visible it will be, and the more human and that dear reader is a win-win.


Reveilhac, Marie, and Marc Pasquet.  “Promising secure element alternatives for NFC technology.”Near Field Communication, 2009.NFC’09.First International Workshop on. IEEE, 2009 Mulliner,  Collin. “Vulnerability analysis and attacks on NFC-enabled mobile phones.”  Availability, Reliability and Security, 2009.ARES’09. International Conference on. IEEE, 2009 Roland, Michael,  and Josef  Langer.  “Digital  signature  records for the  NFC  data exchange  format.” Near Field Communication (NFC), 2010 Second International Workshop on. IEEE, 2010 Roland, Michael, Josef Langer, and Josef Scharinger. “Security vulnerabilities of the NDEF signature record type.” Near field communication (NFC), 2011 3rd International Workshop on. IEEE, 2011 [74] Signature  Record  Type  Definition  Technical Specification  NFC  Forum  TM SIGNATURE  1.0  NFC Forum-TS-Signature RTD-1.0 2010-11-18

Cryptoeconomy Wanling Wang, 2019 ISBN-10 : 1510744827, ISBN-13 : 978-1510744820

Arturo Alejandro Canseco
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