Welcome!

News Feed Item

2020 Foresight Report: Consumer Centric Payment Innovations



 

LONDON, Jan. 30, 2014 /PRNewswire/ -- Reportbuyer.com just published a new market research report:

2020 Foresight Report: Consumer Centric Payment Innovations


Synopsis

The report provides information and insights into the changing landscape of the payment industry and emerging consumer trends acting as stimulating factors:
• Provides global snapshot of payment innovations introduced by banks as well as non-bank payment companies in the key regions of the world
• Provides insights into market potential of key payment cards and also discusses the state of mobile card payments in selected countries
• Analysis of consumer technology trends and drivers highlighting key operational opportunities
• Analysis of key issues faced by central banks, commercial banks and new market entrants while dealing with innovative payment solutions
• Provides insights into best practices followed by market players to target key consumer drivers as a strategy to maximize their revenue


Summary

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.


Scope

• 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


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


Key Highlights

• 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.
Table of Contents
1 Executive Summary
2 Global Snapshot of Payment Innovations, and Regional Overview
2.1 Snapshot of Payment Innovations
2.2 Regional Overview
3 Market Potential of Payment Channels and Products
3.1 Market Share of Payment Channels
3.2 Payment Dynamics and Outlook by Card Products
3.2.1 Prepaid cards
3.2.2 Debit cards
3.2.3 Credit cards
3.3 Market Size of Card Payments through Mobile Devices in Selected Countries
3.3.1 The US
3.3.2 The UK
3.3.3 Australia
3.3.4 Singapore
3.3.5 India
4 Consumer Technology Trends Driving Innovation in Payments
4.1 Emerging Payment Channels
4.1.1 Social media
4.1.2 Mobile devices
4.2 External Enablers of Innovation in Payments
4.2.1 Cloud technology
4.2.2 Data analytics
4.2.3 Open APIs
5 Issues and Challenges
5.1 Central Banks
5.2 Commercial Banks
5.3 Non-Bank and Alternative Payments
6 Payment Innovation Case Studies
6.1 Best Practices to Target Consumer Behavior
6.2 Case Studies
6.2.1 Launch of innovative mobile app by Barclays in the UK
6.2.2 The Home Depot's adoption of MPOS technology to improve consumer satisfaction
6.2.3 Octopus cards – expansion beyond transport in Hong Kong
6.2.4 La Caixa's introduction of the world's first contactless ATMs in Spain
6.2.5 Plink – the innovative loyalty payment system
6.2.6 Chirpify – reinventing payments through social media
7 Appendix
7.1 Methodology
7.2 Contact Timetric
7.3 About Timetric
7.4 Timetric's Services
7.5 Disclaimer


List of Tables

Table 1: Innovations by Product Category in Key Regions
Table 2: Prepaid Card Transaction Values in Selected Countries (US$ Billion), 2008–2017
Table 3: Debit Card Transaction Values in Selected Countries (US$ Billion), 2008–2017
Table 4: Credit Card Transaction Value in Selected Countries (US$ Billion), 2008–2017
Table 5: Card Payments through Mobile Devices in the US (US$ Million), 2008–2012
Table 6: Card Payments through Mobile Devices in the UK (US$ Million), 2008–2012
Table 7: Card Payments through Mobile Devices in Australia (US$ Million), 2008–2012
Table 8: Card Payments through Mobile Devices in Singapore (US$ Million), 2009–2012
Table 9: Card Payments through Mobile Devices in India (US$ Million), 2009–2012



List of Figures

Figure 1: Market Shares of Payment Channels in Selected Countries, 2012
Figure 2: Prepaid Card Transaction Values in Selected Countries (US$ Billion), 2008–2017
Figure 3: Debit Card Transaction Values in Selected Countries (US$ Billion), 2008–2017
Figure 4: Credit Card Transaction Value in Selected Countries (US$ Billion), 2008–2017
Figure 5: Card Payments through Mobile Devices in the US (US$ Million), 2008–2012
Figure 6: Card Payments through Mobile Devices in the UK (US$ Million), 2008–2012
Figure 7: Card Payments through Mobile Devices in Australia (US$ Million), 2008–2012
Figure 8: Card Payments through Mobile Devices in Singapore (US$ Million), 2009–2012
Figure 9: Card Payments through Mobile Devices in India (US$ Million), 2009–2012
Figure 10: Number of Mobile Subscriptions (Million), 2009–2013
Figure 11: Broadband Internet Users on Mobile Devices (Million), 2009–2013
Figure 12: Cloud Models
Figure 13: Intensity of Challenges in Developed and Emerging Economies
Figure 14: Basel II vs. Basel III
Figure 15: The Barclays Pingit App

Companies Mentioned

Chirpify
Dwolla
Octopus Cards
The Home Depot Inc.
Barclays
La Caixa
Plink
Bitcoin
Gemalto
iZettle
VeriFone
Facebook
Twitter
ASB Bank Limited
Foursquare
Citibank
MasterCard
Visa
Square
Intuit
mPowa
PayPal
Google
Amazon
Safaricom
ICICI
HDFC
Royal Bank of Canada (RBC)


Read the full report:
2020 Foresight Report: Consumer Centric Payment Innovations
http://www.reportbuyer.com/computing_electronics/networking/wireless/202...

For more information:
Sarah Smith
Research Advisor at Reportbuyer.com
Email: [email protected]
Tel: +44 208 816 85 48
Website: www.reportbuyer.com

SOURCE ReportBuyer

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to close th...
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
You know you need the cloud, but you're hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You're looking at private cloud solutions based on hyperconverged infrastructure, but you're concerned with the limits inherent in those technologies. What do you do?
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Mobile device usage has increased exponentially during the past several years, as consumers rely on handhelds for everything from news and weather to banking and purchases. What can we expect in the next few years? The way in which we interact with our devices will fundamentally change, as businesses leverage Artificial Intelligence. We already see this taking shape as businesses leverage AI for cost savings and customer responsiveness. This trend will continue, as AI is used for more sophistica...
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...