Heightened customer expectations for value-added services, increased competition from emerging FinTechs, new payments-enabling technologies, and an ever-changing regulatory landscape are driving the development of an open and collaborative payments ecosystem. Within this new environment, the traditional payments-processing intermediary function is anticipated to fade, as payment vendors consolidate or collaborate to stay relevant by opening their systems. Payment infrastructure will now require next-generation tools such as instant payments and distributed ledger technology to enhance customer experience. At the same time, alternate channels such as contactless payments and wearables continue to gain traction. However, an open and collaborative environment introduces vulnerabilities related to cybersecurity and data privacy. Industry stakeholders need to take measures to mitigate these risks. The report explores the top ten trends that are expected to impact the payments industry in the coming year.