Dallas, TX (PRWEB) October 18, 2013
Businesses are increasingly focusing on key consumer drivers such as convenience, accessibility, security, speed and the cost of payments to increase acceptability of their products and services, and gain an advantage over their competitors. To target these consumer drivers, stakeholders in the payment value chain are primarily concentrating on digitalization of payments, increased interoperability, and the introduction of disruptive strategies to plug gaps in user demand and solutions offered by the industry. Changing consumer behavior, such as increased use of mobile devices to manage day-to-day activities and the increasing use of social media, has attracted a number of organizations to build their business and product strategies around these platforms.
Complete report is available @ http://www.rnrmarketresearch.com/2020-foresight-report-consumer-centric-payment-innovations-market-report.html .
- This report provides a comprehensive analysis of developments in the payment industry with a primary focus on consumer oriented products and services
- Provides data forecasts for credit, debit and prepaid cards with historical insights on mobile card payments in selected countries
- It covers key trends expected to reshape the payment landscape over the next five years
- Provides insights into key technology drivers responsible for enabling organizations to introduce disruptive products and services
- It covers the key challenges faced by central banks in regulating and the challenges faced by commercial banks and non-bank payment companies in introducing and sustaining an innovative payment service
- It provides insights on the implementation strategies and best practices adopted by both banks and non-bank payment companies to drive revenue generation with the help of detailed case studies
- Innovations in payment can be broadly classified under four categories: innovations in payment cards; online payments, including electronic bill presentment and payments; mobile payments; and developments in overall payment infrastructure and security. Focus has increased on the convenience and speed of payments. As a result, mobile payments have received significant attention in recent years.
- Regions dominated by emerging economies, such as Asia-Pacific, Africa and Latin America, exhibit high growth potential in innovative payment solutions, although most innovations currently tend to stem from North America and Europe. Europe, however, is expected to lose some steam over the next five years, while North America is forecast to continue to impress with new payment solutions, primarily led by developments in the US. Countries such as Turkey are highly innovative in terms of payment products and services, with consumers showing a readiness to experiment, as are parts of the Middle East, as regulation can be scattered and consumer demand pushes for new payment options.
- Social media networks such as Facebook, Twitter and Instagram have become an attractive platform to target consumers. There are more than 1.15 billion (as per Facebook’s Q2 2013 earnings report) and 500 million users (as of March 2013) on Facebook and Twitter respectively, and their users bases are growing rapidly every year. This presents lucrative opportunities for merchants, financial institutions and new entrants to capitalize on a ready market.
- Data analytics, powered by cloud and social media, are allowing stakeholders in the payment industry to identify gaps in the payment value chain and increase their probability of revenue generation. It is also being extensively used to address security concerns and limit exposure to fraud risks for card issuers, acquirers, merchants and network operators. Open APIs have emerged as another key enabler of innovation in the payment industry. Open APIs enable the development of payment gateways and solutions at a fraction of the cost of developing a payment system from scratch.
- To remain competitive and gain market share, financial institutions and payment companies across the world have adopted various strategies in line with changing consumer behavior and technology. Companies have entered into agreements with merchants, as well as with each other, to reach a larger customer base, while service providers are also increasingly adopting emerging technology such as NFC, MPOS and mobile apps. There is also increased focus on using social media to generate sales and collect analytical data for strategic decision making.
Reasons to buy
- Understand the dynamics of the evolving landscape of the payment industry on the back of changing tastes and preferences of consumers across key markets worldwide
- 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
- Gain insights into various types of innovative services entering the payment ecosystem and their likely impact on redistribution of market share among various stakeholders
- Gain insights into key consumer trends and technical drivers which are stimulating innovations along with information on expected hurdles in sustainability of new products
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