All aspects of Payments are in transition; traditional business models questioned by governments/regulators, innovative players with new payment channels/technologies reaching mass and heading for the more traditional business segments, infrastructures underpinning many card processing businesses for decades needing mass change, and mergers and acquisitions gain speed absorbing complete segments and markets.
PayX is working with many of these organisations globally to identify the next 10 year future roadmap – they all reveal one consistent statement; there is no one complete answer as everything is in motion, what is true tomorrow may not be true the day after.
Today, the most successful organisations emerging are the ones that are open to what is happening around them, open to ideas and mass change. Their people are both business innovators as well as skilled business operators, and most of all they are organisations that execute well with superb embedded risk management.
One question to ponder when talking risk management with payments; as the “internet reliability” levels become today‟s life norm, then do we reach a point where card payments operational reliability levels can decrease, or will companies potentially cripple due to public outcry if their card payments fail occasionally?
Summer is over and it is abundantly clear everyone is back in the race.