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IDC FutureScape: Worldwide Payment Strategies 2016 Predictions

IDC FutureScape: Worldwide Payment Strategies 2016 Predictions

This IDC study presents the top 10 predictions for the worldwide payment strategies practice. Each prediction is shaped by a common set of key drivers that provides a planning tool for technology leaders and their line-of-business counterparts to use in their IT strategic planning efforts.According to James Wester, research director for Worldwide Payment Strategies and the lead author of the study, "The rapid pace of change in the payment space has been compounded by the entrance of upstarts and nonbank competitors, regulatory pressure, security concerns, and myriad other issues. For business leaders in the payment space, we're providing a look at not only where the industry will be moving but why. The intent is to provide some guidance on making strategic decisions."


IDC FutureScape Figure
IDC Opinion
In This Study
Situation Overview
Summary of Key Drivers
IDC FutureScape Predictions
Prediction 1: Within the Next Year, Total Worldwide Mobile Payments Will Approach $1 Trillion, the Majority of Which Will Be Online Purchases Through Mobile Devices
Associated Drivers
IT Impact
Technology
Process
People
Guidance
Prediction 2: By 2018, At Least One Country Will Launch Nationwide Mobile Payment Schemes for POS, eCommerce, and ATM Transactions
Associated Drivers
IT Impact
Technology
Process
People
Guidance
Prediction 3: In the Next Two Years, Investment by Financial Institutions Worldwide Will Eclipse $300 Million Annually on Software to Begin Transforming Internal Payment Technology
Associated Drivers
IT Impact
Technology
Process
People
Guidance
Prediction 4: With Less Than 15% Global Corporates Having Access to Real-Time Cash Visibility, Banks Will Need to Invest Up to $1 Billion Annually in Technology to Ease Bank-to-Enterprise Integration
Associated Drivers
IT Impact
Technology
Process
People
Guidance
Prediction 5: 30% of Tier 1 Retailers Will Adopt Omni-Channel, Acquirer-Independent Payment Gateways by 2017
Associated Drivers
IT Impact
Technology
Process
People
Guidance
Prediction 6: Lower Interchange Fees Will Drive Growth of Account-Based Payment Schemes
Associated Drivers
IT Impact
Technology
Process
People
Guidance
Prediction 7: At Least One Country Will Overhaul Its Payment System Based on Technologies and Concepts Derived from Cryptocurrencies
Associated Drivers
IT Impact
Technology
Process
People
Guidance
Prediction 8: Financial Institutions Will Increase Their Spend on Payment Security Software and Services by 18% Over the Next Two Years
Associated Drivers
IT Impact
Technology
Process
People
Guidance
Prediction 9: Faster Settlement Efforts Will Continue to Be a Priority in Individual Markets, with Additional Markets — Including the United States — Putting Plans in Place in the Next Two Years
Associated Drivers
IT Impact
Technology
Process
People
Guidance
Prediction 10: Technology Spend by Financial Institutions on Payments (Including Hardware, Software, and Services) Will See Only a Modest 3.5% Increase Next Year
Associated Drivers
IT Impact
Technology
Process
People
Guidance
Essential Guidance
Key Drivers
DX: Accelerating Business Disruption from Digital Transformation
Staying Relevant: New Entrants and Products Disrupting Financial Industry
Legacy Modernization: Challenge to Modernize While Still Running the Bank
New Nature of Risk: Innovation Spawns New Thinking in Risk Management
Cy-Q: An Interconnected, Informed, Interactive, Intrusive, Intelligent, and Cognitive Ecosystem
Cloud Life: The Merging of Real Life with Digital Identity
Talent Quest: High Demand for Next-Generation Business/IT Skills, But Scarce Supply
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Related Research
Synopsis

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