Edgar, Dunn & Co.’s 12th Advanced Payments Report, which CTMfile reviewed yesterday and reported on their predictions for the future of payment cards. The report also contained other important findings on the future of payment systems (Source & Copyright©2018 - Edgar, Dunn & Co. ):
- Digital commerce will be dominated by mobile:
- Faster payment platforms use is accelerating and corporates wiill need to move from batch processing to continuous processing because faster payments are expected to have over an overall 20% market share over next 5-10 years with shares varying by type of payment:
- Role of cryptocurrencies is also expected to vary by application with illegal payment expected to be the most common:
Future of retailing
The overall conclusions were that:
- AmazonGO, cashier-less, POS-less, frictionless shopping service, will not be the next “killer” retail innovation
- Consumers will continue to prefer to go to a brick and mortar store because they to like interact with other people. Customer experience involves a person who understands the consumers’ needs, expresses empathy, exhibits a sense of purpose, and can act as a brand advocate
- Contactless payments at POS will continue to gain momentum
- Tablets as point of sale devices will continue to grow as the role of the traditional POS terminal will be further eroded
- Consumers are already interacting digitally with retailers and their shopping behaviour is already omnichannel
- Critical understanding of the the importance of customer experience design, which is blurring the lines between physical and digital, online and offline solutions, has still to be understood fully.
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Are digital currencies/cryptocurrencies really serious?
Many important questions remain