2016: Key Trends in Consumer Payments informs key stakeholders across the payments ecosystem of the main developments emerging across the industry and how best to respond to these changes. Specifically the report examines developments across a number of areas from regulation, to product and service trends, and infrastructure development. It crucially draws on our 2015 Consumer Payments Insight Survey to provide fact-led insight, and reviews key developments tracked in our Consumer Payments Competitor Tracker.
The increased levels of innovation and interconnectivity in banking and payments have resulted in an ever-expanding range of transactional possibilities, and are notably triggering a rewiring of the entire commerce experience. Several trends will drive developments in consumer payments in 2016, including increased competition in the mobile wallets space, the rise of social commerce, and the issuance of more explicit rules and guidelines for online and mobile payment security. Payment providers will have to react by enhancing their propositions, keeping abreast of new standards, and exploring the opportunities social commerce presents.
-Strong emphasis will be placed on positioning mobile wallets as a mainstream alternative to cash and cards, with building merchant acceptance levels a top priority in the near term. Registration incentives, and usage rewards will be commonly used tactics to drive consumer uptake within the space.
-Regulators and industry standard-setting bodies will issue more explicit rules and guidelines for online and mobile payment security. The sharing of cyber security threat data between the government and businesses will form a crucial part of fraud prevention strategies going forward.
-Social media commerce will evolve from a concept to a reality over the next few years. 2016 will be a critical turning point for the space as it goes through the proof-of-concept stage. Social media providers will ramp up their efforts to host a more streamlined and targeted shopping experience for both online and real world transactions.
-Identify the most important trends that will affect consumer payments in 2016.
-Assess the impact of competitive, consumer, and technological developments on the consumer payments industry.
-Consider what actions need to be undertaken to exploit these trends and stay ahead of competitors.
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