IDC FutureScape: Worldwide Payments 2019 Predictions
This IDC Financial Insights study presents the top 10 predictions — in no particular order — for payment leaders to consider as they think through their upcoming plans. A common set of key drivers are included so that technology leaders can look at the broader conditions beyond the predictions.According to James Wester, research director, Worldwide Payment Strategies, "Payments continues to be roiled by immense changes, but the key components of the business of moving money remain the same: give businesses and consumers convenient, secure access to their money when they need it. Financial institutions must provide these core services even as competition, technology, and regulation make delivering those core components profitably even more difficult."
Please Note: Extended description available upon request.
- IDC FutureScape Figure
- Executive Summary
- IDC FutureScape Predictions
- Summary of External Drivers
- Predictions: Impact on Technology Buyers
- Prediction 1: Cross-Border Payment Tracking Will Be Improved by the SWIFT gpi Quasi-Standard, But Only 10% of Banks on the Network Will Have Monetized It by 2020 Using Their Own Data-Rich Analytics
- Associated Drivers
- IT Impact
- Business Impact
- Guidance
- Prediction 2: By 2022, 50% of Global Consumer Payments Will Require by Law/Regulation a Biometric Authentication Method Instead of Using PIN or Password
- Associated Drivers
- IT Impact
- Business Impact
- Guidance
- Prediction 3: By 2021, 85% of All Financial Institutions Will Use AI-Enabled Predictive Analytic Solutions for Identity Verification to Mitigate Fraud and Drive False Positive Reduction Across All Payment Types
- Associated Drivers
- IT Impact
- Business Impact
- Guidance
- Prediction 4: With the Growth and Acceptance of Consumer and Corporate-Provided Wearables, by 2024, 15% of Consumer Payments Worldwide Will Be Authenticated and/or Transacted via Wearable Devices
- Associated Drivers
- IT Impact
- Business Impact
- Guidance
- Prediction 5: By 2021, Global Investment by Banks into Interoperable P2P Platforms Will Have Tripled from Its Value in 2018, But Fintech Players Will Remain Competitive Through Skillful Product Differentiation
- Associated Drivers
- IT Impact
- Business Impact
- Guidance
- Prediction 6: In the Search of a More Frictionless Payment Experience, the Pressure to Implement Contactless Payments Will Grow; 60% of Retailers Worldwide Will Be Accepting Contactless Payment Technologies by 2023
- Associated Drivers
- IT Impact
- Guidance
- Prediction 7: By 2023, 90% of Global Banks Will Have Completed the Transformation and Modernization of Their Back-End Payment Systems
- Associated Drivers
- IT Impact
- Business Impact
- Guidance
- Prediction 8: As the IoT Expands, the Number of Connected Devices with Access to Financial Services Will Also Expand to Reach 10 Billion Devices by 2024
- Associated Drivers
- IT Impact
- Business Impact
- Guidance
- Prediction 9: The Use of Mobile Technology Will Continue to Expand Access to Financial Services So That by 2022 an Additional 250 Million People Will Have Access to Basic Financial Services
- Associated Drivers
- IT Impact
- Business Impact
- Guidance
- Prediction 10: Cross-Border Remittance Networks Built on Blockchain Will Develop Along Specific Geographic Corridors and Carry More than $60 Billion by 2023
- Associated Drivers
- IT Impact
- Business Impact
- Guidance
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