Payment fragmentation is the "new normal" across all markets, report suggests

Wednesday 24 October 2018 10:01 CET | News

Payment fragmentation has become the “new normal”, giving consumers a great deal of choice and merchants new challenges to deliver their services, a RS2 report has uncovered.

The report, Overcoming Fragmentation: The Payments Platform Challenge, at both developing and developed markets, at those with a history of adopting new technology and those who are traditionally laggards.

The report uncovers the following:

  • mobile payment technologies have gained momentum in mature markets, and look set to take hold in other markets sooner rather than later;

  • previously separate payment channels are blurring together;

  • the changes in these markets are driven both by card schemes and fintechs using digital payments;

  • many countries with a digital economy strategy are creating a legal framework for cash-less B2C and B2B payments;

  • there is no single trend, every market is different, meaning that merchants and the payments industry that supports them, need to be ready to shift when necessary.

The report looks at the payment landscape in Australia, Canada, China, Indonesia, Malaysia, the Philippines, Singapore and the US, and was created using published statistics and using interviews from payments industry experts.

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Keywords: payments , RS2, B2B payments, B2C payments, Australia, Canada, China, Indonesia, Malaysia
Countries: World