Innovation is transforming the payments industry globally. Be it small companies, banks, card companies, payment service providers (PSPs) or nonfinancial institutions such as retailers, all are innovating to stay competitive.
The UK Payment Systems Regulator commissioned Accenture to review the international landscape of innovations in payments. The study analyzes more than 100 payments innovations from simple consumer apps to major infrastructure changes, and reviews payments policy initiatives to identify their impact on and relevance to UK payments.
Key highlights of the study
Classification of innovations into two broad categories—infrastructure and end user: A majority of innovations (more than 60 percent of cases reviewed) occurs on the end user side. Examples include contactless payments, e-wallets and peer-to-peer mobile payment technologies.
Identification of a set of policy tools used by governments, central banks and regulators worldwide to enable innovation: These policy tools were synthesized to produce a kit of common tools, ranging from formal (changing regulations) to informal (dialogue and moral suasion).