The influence of Big data concept on future tendencies in payment systems

Abstract

The new wave of information and communication technology transformation relies on the concepts of the Internet of Things, Big Data and machine learning. These concepts will enable the connection and independent communication of a large number of devices, the processing of data that arises as a result of these processes and learning based on the refined information. Payment system is a sector that will experience major impacts by the coming changes. A large number of transactions create an information basis, whose analysis can provide precise inputs for business decision making. The subject of paper is the impact of managing a large amount of transactional data on key stakeholders in the payment process. The aim of the paper is to identify the key advantages and dangers that the Big Data concept will bring to the payment industry. The general conclusion is that the use of Big Data tools can facilitate the timely distribution of payment services and increase the security of transactions, but the price in the form of a loss of privacy is extremely high.