How Simplicity and Interoperability Are Shaping Payment Trends.
Our payments infrastructure enables countless transactions across the world every single second – but can businesses and governments keep up with this ever more complex and powerful payments infrastructure? It’s more than possible but will require that firms clearly understand how to define both the current payments ecosystem and the trends accelerating these changes.
In the Future of Payments, Forrester’s research anticipates payments will become seamlessly embedded and invisible for customers and even more valuable for businesses and merchants over the next decade. The research also shows that during this time, companies will shift their focus from customer payments to B2B and B2C payments, and weave payment tech into existing infrastructures to improve the customer experience and decrease friction.
As Payments Race Forwards: Become Interoperable – or Get Left Behind
Interoperability and simplicity will set the winning firms apart from the rest. To get ahead of the competition, firms must find ways to cut through the complex web of payments for a more streamlined financial experience. And with interoperability, businesses can control their customer’s point of access or point of integration with a collection of networks, rather than relying on a substitute network. Companies must work to understand these current trends and forecasts and partner with a payment service provider who can support the future of payments.
The report covers trends such as:
- Autonomous payments, and why customers won’t give in-person payments a second thought
- How the battleground of payments will shift to B2B and devices
- How payment companies will divide into two camps: customizers and simplifiers
- How more platforms will create their own payment networks
- Why payment networks will collaborate for greater simplicity
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