The payments market is set to reach a critical inflection point in 2016 as banks finally make their moves in the digital wallet and proximity payment space.Kieran Hines
Huge market change accelerates IT investment
The need to deliver on customer expectations across the spectrum is driving spend on projects related to immediate payments, digital wallets, security, biometrics and value-added merchant services.
Underpinning this is the need to streamline and upgrade the underlying infrastructure. In Europe, preparing for the PSD2 will be a major project, with the rest of the world keen to see how disruptive open APIs prove to be. But it will be developments in blockchain technology that cause the biggest long-term change
- Detailed and data-backed research into the development and adoption of new payments technologies and the trends driving this transformation around the world
- Expert industry analysis to help you make the right strategic decisions.
- Immediate payments and the emerging landscape: Immediate payments are one of the hottest topics in the industry, with new infrastructure in many markets opening up a range of product and service opportunities. At the same time, the emergence of blockchain technology as the foundation for a whole new area of payments innovation looks set to disrupt existing models across huge parts of the industry.
- Payment acquiring and the evolving customer experience: The evolution of commerce towards digital and omnichannel delivery is having a huge impact on the technology requirements of all merchants. New payment acceptance methods, fraud management, customer loyalty, tighter links with ERP systems and support for cross-border commerce are high on the agenda for acquirers, gateways and processors.
- Omnichannel commerce and the future of mobile payments: Growing consumer preference for mobile devices across all areas of digital and physical commerce has already driven rapid change in the competitive landscape. What we have seen to date is the tip of the iceberg though, with the convergence of physical and digital channels set to catalyze further innovation. Digital wallet providers and other digital payment services will be differentiated by customer on-boarding, security, loyalty and commerce-enablement services.
- Managing the security and privacy challenges of a digital future: The rapid pace of payments innovation, coupled with an evolving and increasingly complex fraud threat, has put traditional fraud models under strain. Tokenization and biometric identifiers are emerging as part of the solution, with the potential to further reshape the value chain. However, privacy and data security issues will remain key barriers to overcome.
- Deeper focus on payments in our ICT Enterprise Insights study
- New global merchant survey to understand payments technology investments and pain points
- New payments technology IT spending forecasts