Future of payments
This article is part of a series of articles on the future of payments. Read more.
Need to know
- Three factors – compelling UX, high-performing integrations and partnerships and a focus on specific niches of the payments sector – will be an imperative for payments providers in 2019 and beyond.
- Big banks are making a concerted effort to enhance their mobile user experience. Expect these initiatives to continue as legacy players work to catch up with mobile-first competitors, such as Venmo.
- Some payments providers are working towards "frictionless" by integrating payments functionality into a broader social experience. Alipay and WeChat Pay, which allow users to send payments instantaneously to their contacts within a single app, are two examples.
- Fragmentation is becoming the order of the day in the payments world, with new providers emerging for specific consumer use cases.