New report explores interoperability from a consumer’s point of view and what payment method characteristics are critical
Despite the level of innovation in the marketplace, no one payment method fully satisfies consumer needs for ubiquity, convenience, security, and speed across every payments use case. Payments industry participants often discuss paths to interoperability and the technical and operational barriers to achieving it, but consumers’ concerns are more general, considering the attributes of the payments experience that make it friction-free.
In a new Impact Report commissioned by Visa, Inc., Payments Interoperability: The Consumer Point of View, research and advisory firm Aite-Novarica Group explores interoperability from a consumer’s point of view, discussing the key attributes consumers seek in a payment experience and the barriers to achieving true interoperability.
“The space is now nonlinear and growing in many directions at the same time. Payment solution providers should stay flexible, stay on top of trends in the industry, and watch for emerging competitors in the fintech space as well as software suppliers and consultants in specific commerce verticals,” said Ginger Schmeltzer, Strategic Advisor at Aite-Novarica Group. “Alternative, noncard payments are increasingly important components of the ecosystem,” she adds. “Merchants should identify alternative payment instruments that will be important for their clients and customers.”
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. Visit us on the web and connect with us on Twitter and LinkedIn.