Callcredit Blog

When it comes to payments, who will win the consumers’ hearts?

Credit Risk & Affordability Fraud & Verification General

It’s difficult to predict what momentous events that will happen in the world of payments in 2015 but I do know that there will definitely be some.  Whether they increase the proliferation of mobile and contactless, open up a whole new way to make payments or slip under the radar of the general public but make a massive impact in our world much like Host Card Emulation, they will come.  Our job is to sort through what we think the end user will want and need.

To do this within the payments world we need to ensure we identify these needs and provide products and services which meet them and deliver a safe, efficient and value added way to make payments.    This is true not just at the front end acquisition point but throughout the lifecycle of the customer.

To me payments in 2015 isn’t a battle between technology and banking but a battle for the end user, who is becoming increasingly sophisticated.  This equates to thinking about payments like retail (multiple brands, price points, distribution methods, etc.), therefore the businesses I expect to be successful in 2015 will be leaders in the ability to

  • Win and retain trust of the consumer and the existing payments infrastructure.
  • Give the end user the right experience – e.g. funding type, payment method and Value added services
  • Manage the rules/regulations
  • Use data to continually test and learn what works and what doesn’t
  • Be focussed on
    • Managing cost of sales
    • Managing operational cost
    • Embracing technology and new channels
    • Find a niche and exploit it

Payments is in a transition state at the moment from a market landscape and technology point of view; there will be success, P2P payments, contactless, mobile payments and there will be some bumps, security breaches, over exposure of certain solutions and a proliferation of minimal value solutions.

Realistically there will not be a single momentous event but a series of significant advances that make 2015 a winning year for payments.

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