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In the year ahead, Deloitte predicts that payments companies will be making \u201cbig bets\u201d on modernization, cloud computing, mergers and acquisitions (M&A), and collaboration with other industry players. Explore the five payments trends that will be driving change, presenting challenges, and creating opportunities.<\/p>\n
The dynamic payments industry continues to expand and evolve, with digital payment vehicles and transaction volumes growing across the globe. Over the past year, industry incumbents have been responding to numerous trends and drivers by:<\/p>\n
We anticipate that 2020 strategies will likely be about the formulation of \u201cbig bets.\u201d This could take the shape of either going all in on a targeted set of preferred partners and platforms or going broader in an attempt to service the ecosystem. We view five emerging trends as driving these strategies, presenting challenges, and creating opportunities in the 2020 payments ecosystem. These trends could help shape strategies for organizations as they seek to master this dynamic market.<\/p>\n
What implications may these trends, collectively, have for payments companies over the next year? And what new strategies and actions might be taken in response?<\/p>\n
Trend 1.<\/strong> Competition between closed and open payments platforms Download Payment Trends 2020<\/strong><\/a><\/p>\n What implications could these five trends, collectively, have for payments companies over the next year? And what new stakeholder strategies and actions might be taken in response?<\/p>\n As organizations develop strategies around their 2020 \u201cbig bets,\u201d we expect that forward-thinking organizations will also maintain focus on the fundamentals necessary to survive and thrive in the increasingly competitive payments industry:<\/p>\n 1 Deloitte, \u201cInFocus: Payments trends 2019,\u201d https:\/\/www2.deloitte.com\/us\/en\/pages\/financial-services\/articles\/infocus-payments-trends.html, 2018.<\/p>\n 2 Deloitte Center for Financial Services,\u201cRethinking the credit card business in a customer experience-driven world,\u201d October 2019.<\/p>\n 3 PCI Security Standards Council, PCI Compliance Guide FAQs, https:\/\/www.pcicomplianceguide.org\/faq\/#1.<\/p>\n 4 Board of Governors of the Federal Reserve System, press release, \u201cFederal Reserve announces plan to develop a new round-the-clock real-time payment and settlement service to support faster payments,\u201d https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/other20190805a.htm, posted August 5, 2019.<\/p>\n 5 del Castillo, Michael, \u201cAlibaba, Tencent, Five Others To Receive First Chinese Government Cryptocurrency,\u201d Forbes, August 27, 2019, https:\/\/www.forbes.com\/sites\/michaeldelcastillo\/2019\/08\/27\/alibaba-tencent-five-oth-ers-to-recieve-first-chinese-government-cryptocurrency\/#4c49b37d1a51. Accessed August 27, 2019.<\/p>\n 6 Ibid.<\/p>\n 7 The Clearing House, \u201cRTP\u00ae: The New Real-Time Payments System for All Financial Institutions,\u201d https:\/\/www.theclearinghouse.org\/payment-systems\/rtp.<\/p>\n 8 Demos, Telis, \u201cCitigroup\u201d Enters Banking\u2019s Hottest Business With New Payments Unit,\u201d The Wall Street Journal, March 26, 2019, https:\/\/www.wsj.com\/articles\/citigroup-enters-bankings-hottest-business-with-new-pay-ments-unit-11553598000?shareToken=st994821326fdf40a3a971433 2675f3b8b&reflink=article_ email_share.[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" In the year ahead, Deloitte predicts that payments companies will be making \u201cbig bets\u201d on modernization, cloud computing, mergers and acquisitions (M&A), and collaboration with other industry players. Explore the five payments trends that will be driving change, presenting challenges, and creating opportunities.<\/p>\n","protected":false},"author":1,"featured_media":181,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"
\nTrend 2<\/strong>. Evolving payments economics
\nTrend 3<\/strong>. Development of new standards to govern the flow of money
\nTrend 4.<\/strong> Noncommercial entities\u2019 role in shaping the ecosystem
\nTrend 5.<\/strong> The future of payments organizations and talent implications<\/p>\nConsiderations and potential next steps<\/h4>\n
\n
Endnotes<\/h3>\n
InFocus: Strategies to prepare for the future of payments<\/h3>\r\nIn the year ahead, Deloitte predicts that payments companies will be making \u201cbig bets\u201d on modernization, cloud computing, mergers and acquisitions (M&A), and collaboration with other industry players. Explore the five payments trends that will be driving change, presenting challenges, and creating opportunities.\r\n
Payments trends 2020: Mastering a dynamic market<\/h4>\r\nThe dynamic payments industry continues to expand and evolve, with digital payment vehicles and transaction volumes growing across the globe. Over the past year, industry incumbents have been responding to numerous trends and drivers by:\r\n
\r\n \t
Five payments trends shaping 2020<\/h4>\r\nTrend 1.<\/strong> Competition between closed and open payments platforms\r\nTrend 2<\/strong>. Evolving payments economics\r\nTrend 3<\/strong>. Development of new standards to govern the flow of money\r\nTrend 4.<\/strong> Noncommercial entities\u2019 role in shaping the ecosystem\r\nTrend 5.<\/strong> The future of payments organizations and talent implications\r\n\r\nDownload Payment Trends 2020<\/strong><\/a>\r\n
Considerations and potential next steps<\/h4>\r\nWhat implications could these five trends, collectively, have for payments companies over the next year? And what new stakeholder strategies and actions might be taken in response?\r\n\r\nAs organizations develop strategies around their 2020 \u201cbig bets,\u201d we expect that forward-thinking organizations will also maintain focus on the fundamentals necessary to survive and thrive in the increasingly competitive payments industry:\r\n
\r\n \t
Endnotes<\/h3>\r\n1 Deloitte, \u201cInFocus: Payments trends 2019,\u201d https:\/\/www2.deloitte.com\/us\/en\/pages\/financial-services\/articles\/infocus-payments-trends.html, 2018.\r\n\r\n2 Deloitte Center for Financial Services,\u201cRethinking the credit card business in a customer experience-driven world,\u201d October 2019.\r\n\r\n3 PCI Security Standards Council, PCI Compliance Guide FAQs, https:\/\/www.pcicomplianceguide.org\/faq\/#1.\r\n\r\n4 Board of Governors of the Federal Reserve System, press release, \u201cFederal Reserve announces plan to develop a new round-the-clock real-time payment and settlement service to support faster payments,\u201d https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/other20190805a.htm, posted August 5, 2019.\r\n\r\n5 del Castillo, Michael, \u201cAlibaba, Tencent, Five Others To Receive First Chinese Government Cryptocurrency,\u201d Forbes, August 27, 2019, https:\/\/www.forbes.com\/sites\/michaeldelcastillo\/2019\/08\/27\/alibaba-tencent-five-oth-ers-to-recieve-first-chinese-government-cryptocurrency\/#4c49b37d1a51. Accessed August 27, 2019.\r\n\r\n6 Ibid.\r\n\r\n7 The Clearing House, \u201cRTP\u00ae: The New Real-Time Payments System for All Financial Institutions,\u201d https:\/\/www.theclearinghouse.org\/payment-systems\/rtp.\r\n\r\n8 Demos, Telis, \u201cCitigroup\u201d Enters Banking\u2019s Hottest Business With New Payments Unit,\u201d The Wall Street Journal, March 26, 2019, https:\/\/www.wsj.com\/articles\/citigroup-enters-bankings-hottest-business-with-new-pay-ments-unit-11553598000?shareToken=st994821326fdf40a3a971433 2675f3b8b&reflink=article_ email_share.","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles"],"_links":{"self":[{"href":"https:\/\/thegclgroup.com\/gclgcs2021\/wp-json\/wp\/v2\/posts\/179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thegclgroup.com\/gclgcs2021\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thegclgroup.com\/gclgcs2021\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thegclgroup.com\/gclgcs2021\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thegclgroup.com\/gclgcs2021\/wp-json\/wp\/v2\/comments?post=179"}],"version-history":[{"count":6,"href":"https:\/\/thegclgroup.com\/gclgcs2021\/wp-json\/wp\/v2\/posts\/179\/revisions"}],"predecessor-version":[{"id":316,"href":"https:\/\/thegclgroup.com\/gclgcs2021\/wp-json\/wp\/v2\/posts\/179\/revisions\/316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thegclgroup.com\/gclgcs2021\/wp-json\/wp\/v2\/media\/181"}],"wp:attachment":[{"href":"https:\/\/thegclgroup.com\/gclgcs2021\/wp-json\/wp\/v2\/media?parent=179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thegclgroup.com\/gclgcs2021\/wp-json\/wp\/v2\/categories?post=179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thegclgroup.com\/gclgcs2021\/wp-json\/wp\/v2\/tags?post=179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}