End users are driving the instant payments landscape, and most companies are doing their best just to play catch-up. That’s according to José Beltran, Director of Business Development at STET, who was speaking to a packed conference room at Sibos 2016. Competition, regulation, technology and market demand are the four main reasons that payments keeps pushing itself forward, says Beltran, with competition and user demand probably the two main factors. PSD2 could be a game changer in that regard, however, he adds, as it will give opportunities to some “very creative people” and open up payments possibilities.
Throwing out some figures for the audience, Beltran points at the 35% increase in card transactions between 2010 and 2014 as a sign of things to come, though makes sure to highlight the fact that there was also a 22% increase in the amount of cash in circulation in the same period. What ishaving a larger effect, he concludes, is consumer habits – people are used to getting instant service from the technology in their daily lives. This has led to them expecting better, faster experiences from their banks.
Sourced through Scoop.it from: ibsintelligence.com