Top Trends in Payments 2020

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Payments is evolving into an open ecosystem. Banks, payment firms, card firms, BigTechs, FinTechs, and other players are developing new technology to cash in on market changes. Governments are also implementing regulations to reduce ecosystem threats. These measures are expected to make the current ecosystem more secure and straightforward for players as well as customers. Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond.

Similar to other financial services domains, payments is evolving into an open ecosystem. The EU’s Payment Services Directive (PSD2) pioneered open banking by encouraging banks and established payments players to securely open the systems to foster competition, innovation, and more customer choices. In tandem with non-cash transaction growth, regulations are driving banks and payments firms to expand their array of payment methods and channels. Governments are encouraging financial inclusion by also promoting the adoption of non-cash payments. Increasingly, merchants and corporates seek to offer alternative payment systems because of widespread popularity among consumers. Alternative payments also enable merchants to provide real-time and cross-border payments to boost business efficiency.

Banks, payment firms, card firms, BigTechs, FinTechs, and other players are continuously developing new technology to cash in on market changes. However, data breaches and fraud continue to hinder innovation as firms devote countless resources each year to address security issues. Many governments are also designing new regulations to reduce ecosystem threats. All these measures are expected to make the current ecosystem much more secure and simple for players as well as customers.

Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond

Payments Trends Book 2020

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