Quick Q&A with Paul Benjamin on digital payments

We sat down with Paul Benjamin, Senior Director of Digital Products at First Tech, to get his thoughts on how consumers are making payments digitally today and in the future. Questions and answers have been edited for brevity.

What do you see for the future of digital payments?

The form and flow of payments is dynamic. Rising smartphone usage, shifting regulations and globalization of payments create a competitive payment landscape. Societal shifts caused by macro-impacts like COVID-19, will make people question whether or not they want to replace their physical wallets with digital ones. Big banks and credit unions have the strength of scale through established infrastructure and financial product offerings while smaller banks and niche fin techs focus on experiential differentiators. The elephants entering payments space are big technology companies. They’ve already started pushing the boundaries to dematerialize payments. This creates opportunities and pitfalls for all involved including effortless and seamless ways to transact, as well as new ways for customers to get defrauded.

How is First Tech participating in digital payment innovation?

First Tech’s competitive advantage blends the digital and physical worlds of payments - digital enabled payment services and an end to end offering of financial products that satisfy members at every life stage. First Tech cards are enabled in major digital wallets and we service our members through best in class mobile and online channels. We focus on end to end member service satisfaction, from digitally opening an account with First Tech to double-clicking to pay for your groceries and conveniently receiving a transaction alert on your phone.