The global payments landscape is evolving at a dizzying pace. The last twelve to eighteen months have witnessed heightened activity with four major shifts being observed in the global landscape.
- Firstly, the ongoing digital and technology revolution, led by the ever-increasing penetration of smartphones and internet on mobile, has revolutionised digital payments.
- Second, the payments space has witnessed the entry of several non-banking institutions offering payment services and solutions.
- Third, customers are becoming more demanding and expect instantaneous and one-touch payment solutions.
- Finally, there have been several progressive changes in the regulatory framework.
Over the past few years, the payment landscape in India, too, has mirrored these developments, with digital payments displaying an exponential growth.
While different markets have seen different types of players and solutions becoming successful, some elements of winning models stay common. These include having a compelling value proposition, access to a large customer base, conducive infrastructure, supportive regulations and leveraging next-gen technology.
For more information, download the report from the Boston Consulting Group.