Payments Innovation: Trends, Threats and Playing to Win
This report reviews current trends in the payments industry while discussing current and future product innovations. Significant focus is given to the utilization of open platforms, the accumulation and analysis of consumer and purchasing data, and the development of new products catered to a changing customer base. Moreover, the report discusses three major technological trends which have fundamentally transformed the payments industry: the development of online advertising technologies that will increasingly rely on transaction data to add value to merchants, consumers and stakeholders, the movement of payment innovation from the existing jerry-rigged linkages of hardware and software to cloud-based computing, and the proliferation of mobile telephones and other handheld devices that are connected to the internet. Analysis is also provided on the three major non-technological forces that will affect the future of payments. There are three major external forces that will play a significant role in the direction of payments innovation going forward: government regulation, the economy, and consumer demographics. Finally, strategies executives can employ, along with an overview of future trends in the industry, are presented.
Karen Webster is the President of PYMNTS.com and CEO of Market Platform Dynamics, a Boston-based strategic consultancy. She serves as an advisor and member of the board for a number of companies operating in the payment, technology and digital media industries. Karen is a frequent industry speaker and the author of numerous published articles and whitepapers on payments, mobile, social strategy, product design and loyalty. Karen was a key contributor to Catalyst Code: The Strategies Behind the World’s Most Dynamic Companies, Harvard Business School Press, 2007 (by MPD’s David Evans and Richard Schmalensee) and is credited with directing the research for the book and devising its trademarked 6-step Framework.
Length: 16 pages
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