Beyond Fintech: Disruptive innovation in payments
Payments are migrating away from cash as consumers shift purchases to online and mobile channels. On one hand, heightened competition and a challenging regulatory environment are leading to steadily declining profits. On the other, customers are reluctant to switch to nontraditional payment schemes without seeing significant benefits, thereby limiting adoption of new technologies. What implications will these trends have on payment businesses?
A 2017 report from Deloitte and the World Economic Forum, “Beyond Fintech: A pragmatic assessment of disruptive potential in financial services,” examines the disruptive forces that are shifting the payments landscape. Read on to explore key takeaways for the payments segment, and understand what these findings mean for your business.