The Desire for Innovative Services has Resulted in the Introduction of Mobile Point-of-sale Terminals and Contactless Payment Technology, which Have the Potential to Disrupt the Current Payment Ecosystem, According to a New Study on ASDReports
Over the last five years, the payment industry has been buzzing with cutting-edge new products and services across the world. The industry is dynamic in nature and innovative products and services have allowed non-bank companies, including technical giants such as Google and new market entrants such as Chirpify, to leave their mark in the payment ecosystem. Developments in technology, changing consumer tastes and preferences, and rising competition among various stakeholders in the payment value chain have been the key drivers of innovations in payments. However, the role of consumers has been one of the most important factors in driving payment innovation.
Enter, Consumer Centric Payment Innovations - the 2020 foresight report examining the changing landscape of the payment industry and emerging consumer trends acting as stimulating factors! Providing you with everything from global snapshots of payment innovations, to analysis of key issues faced in the industry and best practices followed by market players, this is an essential tool for anyone with a stake in the exciting and rapidly changing world of payments!
The difference:
- Check it out: Confidently update your strategic business decisions by understanding key challenges faced by central banks in regulating, commercial banks and new market entrants while dealing with innovative payment solutions.
- On the go: Assess the current and future opportunities in various payment solutions and learn best practices to strengthen your business strategy and target consumer drivers more efficiently.
- With just a click: Focus on consumer technology trends and drivers highlighting key operational opportunities.
Report Highlight:
Security and data privacy risks act as key deterrents to payment innovations. Consumer-grade mobile devices usually lack bank-level security to protect sensitive information. Most new payment solutions revolve around mobile devices and social media platforms, and the risk of being exposed to data theft or other fraudulent activity has increased. Moreover, new payment systems generally require regulatory authorities to change existing standards or processes to accommodate the new solution. A new payment concept can fail if regulators fail to recognize its legitimacy or potential. Although security issues exist, the potential benefits are likely to outweigh these concerns, and new payment solutions are expected to gain significant market share over the next five years.