Payments: Key Payment Trends in 2018 - a more collaborative ecosystem
The growing demand for value-added services, increasing competition due to emerging FinTechs, new payment-enabling technologies, and an ever evolving payments landscape is leading to a collaborative payments ecosystem. The new ecosystem is spurring further collaboration among its various stakeholders, forcing players to re-assess their positions in the market. Payment providers, for instance, are collaborating to offer value-added services, while vendors are looking to acquire new technology and build their customer base.
Furthermore, the need to increase investments in next-generation tools and alternative channels such as contactless and wearable’s to enhance customer experience has become imperative for payment providers. Meanwhile, instant payments are emerging as an alternative option for quicker payments for retail and corporate businesses. Banks and FinTechs are also exploring distributed ledger technology (DLT) to transform cross-border payments, while IoT is set to disrupt the payments landscape.
However, an open collaborative infrastructure poses new threats and challenges related to cybersecurity and data privacy issues for enterprises. As a result, payment providers are looking to deploy robotics and machine learning technologies to detect and prevent frauds, while regulators are focusing on data-privacy law compliance. Additionally, as authentication becomes critical, the need to increase investments in advanced technologies (biometrics, digital identity, secure element, geo-location, and interoperable cryptographic keys) has also become undeniably important, with payment companies looking to boost their authentication techniques.
The report Payments: Key Payment Trends in 2018 - a more collaborative ecosystem, is an attempt to analyze the key trends expected to impact the payments industry and its various stakeholders, including financial institutions, consumers, mPayment providers, retail, and other businesses in 2018.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook