Retail payments is one of the fastest moving markets in financial services. Investment in retail payments is likely to increase, albeit modestly, despite the impact of COVID-19. Over the last three years, 83% of surveyed banks have increased their investment in retail payments, even though most players were also seeking to reduce their wider cost base. The arrival of COVID-19, however, has significant implications on the investment plans.
Together with Omdia, a leading global research firm that helps connect the dots across the technology ecosystem, we’ve published a comprehensive report that throws light on The Future of Retail Payments. In this report you will find valuable insights into the key future trends in Retail Payments. The survey was carried in 19 markets across five regions: Africa (Egypt, Kenya, Nigeria, South Africa), Asia (India, Indonesia, Malaysia, the Philippines), Europe (Belgium, Denmark, Germany, the Netherlands, Sweden, the UK), the Middle East (Oman, Qatar, Saudi Arabia), and North America (Canada, the US).
All retail banks have their own strategic priorities, which will vary according to the needs of the specific markets in which they operate. Yet there are also notable similarities between organizations. This study found many core commonalities in drivers and plans among banks for retail payments, thus suggesting a number of key recommendations that players active in the market should consider as they prepare their strategies and plans.