The payment industry continues to expand and evolve, with digital payment vehicles and transaction volumes growing across the globe. Experts anticipate that 2020 payment trends will push the development of payments even further. Here are 3 payment trends for 2020:
- Competition between closed and open payments platforms – there is likely to be increased competition between established providers of closed and open payments platforms in 2020 as they vie for a larger share of consumers’ and businesses’ loyalty.
- Evolving payment economics – as value decreases for traditional competitive differentiators, such as transaction processing speed, convenience, and access, these offerings may become increasingly commoditized; this could reduce once-dependable payment processing fees and spur companies to establish alternative revenue streams.
- New standards to govern the flow of money – the Development of new standards to govern the flow of money highlights the need for new standards to govern the flow of money and protect consumer data, especially for international money flows.