Payments at the speed of change

In the beginning, banks were banks and merchants were merchants.  Banks and their partners managed the money and merchants sold goods and services to their customers.  Over time, commerce has become more complex, with multiple players vying for business, more challenging regulatory and compliance requirements and an explosion of sales channels and payment options.

The balance of power has shifted too and, today, consumers find themselves in a new position.  Increasingly, it is consumers (and businesses) who are driving change in payments, dictating the medium through which they transact, as well as when, how and at what cost they do so. Consumers are reassessing the concept of value, which options provide them with most value, and they are making their choices accordingly. Merchants and banks are responding and the pace of change intensifies….

• Want to pay a friend for dinner through your mobile phone? No problem.
• Want to make automated payments in real-time? It’s happening globally.
• Want to offer loyalty incentives and discounts across physical and online points-of-sale? What are you waiting for?
• Need real-time fraud protection on eCommerce, POS and ATM transactions?
• It’s available (and necessary).
• Want to replicate your business in new geographies, without replicating your payment costs? There’s never been a better time.

The real-time, any-to-any nature of our world demands that banks and merchants find ways to provide secure, seamless and reliable payment options with perceived value – or risk disintermediation. They need solutions and partners to help them take advantage of the change and disruption in the payments landscape – to offer more choice, create and maintain loyalty, and drive growth.

In this supplement, we review some of the issues that banks and merchants are addressing, to take advantage of the opportunities that arise from payments at the speed of change.

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