The World In 2024:  CaSys is consistently aligned with global trends.

“We continuously monitor innovations in the payment sector and create competitive solutions to enhance our presence in the domestic and regional markets,” stated Filomena Pljakovska Asprovska, Chief Executive Officer and President of the Management Board of CaSys AD Skopje, in an interview with Economist: The World in 2024.

CaSys AD Skopje has been serving as the sole card processor in the Republic of North Macedonia, holding certifications from MasterCard, Visa, and Diners International for over 22 years.

CaSys AD Skopje consistently achieves successful results, reinforcing its position, strengthening the brand, and remaining a reliable partner for both customers and suppliers, not only within the country but also on a regional scale.

In a discussion with Filomena Pljakovska Asprovska, Chief Executive Officer and President of the Management Board, we explore the prospects in the payment industry and e-commerce for the year 2024.

How do you assess 2023 in terms of the business climate and the achievements of CaSys?

Globally, in 2023, the growth of inflation moderated, remaining at a relatively high level, prompting central banks to persist in the cycle of monetary policy tightening. Ongoing uncertainty related to the war in Ukraine continued to present risks to supply chains and prices.

In our country, a significant development in the financial sector in 2023 was the implementation of the new Law on Payment Services and Payment Systems. This legislation mandates banks to adjust their business models within the payment services segment.

As a company, the overarching developments at both the domestic and global levels in 2023 have fostered heightened awareness and a commitment to innovation within our organization.

We conclude the year successfully, experiencing growth across all business segments, with a notable revenue increase of 19.5% compared to the previous year, 2022.

We have successfully renewed all mandatory certifications in accordance with PCI DSS/PIN PCI/PCI Card Production and ISO 27000/ISO 20000-1 standards.

In the markets where we operate, CaSys has issued over 2,300,000 payment cards, handling an average of 2,500,000 transactions monthly. We provide a secure web monitoring system and offer 24/7 service support. Through cPay, our electronic commerce system, we facilitate over 500,000 transactions per month across more than 1,500 online stores.

What are the expansion aspirations of CaSys in the regional market following the initial foray into expansion in Albania?

Primarily, we take pride in being partners with nearly all Macedonian banks and various financial companies. Additionally, we have extended our operations to the Republic of Bulgaria. More recently, we have significantly expanded our portfolio of services in the Albanian market, collaborating with both a bank and a financial company.

The Albanian market presents numerous opportunities. Fintech companies in this market showcase innovation and creativity, with a pronounced interest in digital technologies. Services such as new payment channels involving virtual cards, Google Pay, money transfer services, tokenization, and electronic commerce align seamlessly with what CaSys can offer. This positions us to facilitate the growth and development of these companies on a global scale.

CaSys’ cPay e-commerce system stands as a proven brand, offering straightforward and reliable integration, ensuring efficient implementation for any institution seeking to operate in a safe and secure environment. The strategic objectives of digitization, customer focus, and cost efficiency persist in aligning with the mission and vision of CaSys.

Continuously monitoring innovations in the payment sector, we aim to enhance our domestic and regional market share through the implementation of competitive solutions.

What is your perspective on the swift progress of artificial intelligence and the potential impact it may have on payments and e-commerce?

Artificial intelligence (AI) is already becoming an indispensable part of our daily lives, revolutionizing various industries, and e-commerce is no exception.

In recent years, the utilization of AI in managing e-commerce has gained significant popularity, attributed to its capacity to enhance customer experience, optimize operations, and boost sales.

Through the analysis of extensive user data, AI algorithms can deliver personalized recommendations, tailored product suggestions, and precision-targeted marketing campaigns. This heightened level of personalization not only enhances customer satisfaction but also amplifies the chances of driving sales and encouraging repeat purchases.

AI can contribute to optimizing inventory management and supply chain operations. It plays a crucial role in fine-tuning pricing strategies, including the implementation of dynamic pricing. Additionally, AI serves as a key player in detecting and preventing fraud within e-commerce transactions.

AI in e-commerce offers numerous advantages and is poised to play an increasingly pivotal role in shaping the future of online commerce. Nevertheless, it is crucial to approach AI implementation with caution, address ethical considerations, and ensure the responsible use of technology.

What are the predictions for 2024 in terms of trends that will rule your industry?

In 2024, trends in the payments industry are expected to influence business priorities at an accelerated pace. The rising adoption of new payment methods, including digital wallets, virtual cards, digital currencies, and biometric authentication, will necessitate continuous evolution from companies.

The focus is on improved user experience and fast, easy, but secure payment.

The payments sector is undergoing substantial transformation propelled by technological advancements, consumer demands, and regulatory shifts. As the industry expands, the roles of both traditional financial institutions and fintech companies become pivotal in shaping how transactions are conducted.

Success in this evolving landscape will hinge on the adaptability to these changes and the capability to craft innovative solutions.

CaSys AD is currently operating with the ethos of a global leader, delivering innovative solutions, technical support, and expertise in card technologies. This approach aims to assist our customers in achieving growth and operational success.

Text: Economist – The World In 2024