While payment revenues are under attack from various regulatory initiatives, banks have to deal with an increased level of innovation and generally higher expectations from customers, particularly corporate ones. The old way of managing payments (siloed organisation and “spaghetti” technology architecture) is no longer an option for most banks.
In Part II of a report, Taxonomy of Payments, Part II: Everything You Wanted to Know About Payments But Were Afraid to Ask, Celent reviews key trends and developments in the payments industry. Specifically, the report addresses the following areas:
- Online payments
- Mobile payments
- Corporate payments
- How payments are managed within the banks
“Innovation in payments is real and far-reaching. You only have to look at Europe to see a wide range of different ways to pay online,” says Zilvinas Bareisis, Senior Analyst with Celent’s Banking Group and author of the report. “If you are in the developed world, it might be tempting to dismiss mobile payments, but mobile-based financial services are a real opportunity, particularly in the emerging markets.”
The report summarizes all major trends discussed in both parts of the report, organised by payment instrument/channel and by geography. The Appendix provides a map of key payment instruments.
