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Posted by Denée Carrington on April 1, 2013
2013 will be a pivotal year in consumer payments. It will be marked by an increase in digital disruption by nimble, tech savvy competitors. Payments incumbents will leverage their market power to battle disruptors. We see early evidence of this with MasterCard's new fee structure for “staged” digital wallet providers such as Google Wallet, PayPal and Square, which mask the merchant of record and other transaction details from others downstream in transaction flow. Finally, merchants and consumers will wield their tremendous influence in picking winners and losers as the array of alternative payment options become more abundant, more accessible and begin to deliver greater value to the commerce experience. In my new report out today, titled “Three Disruptive Payment Trends in 2013,” I explore three trends, driven by digital disruption, that will shape the future of consumer payments. I provide an analysis of what each trend means for competitors across the payments ecosystem and provide recommendations for responding to the impending disruption. Here are the key takeaways:
While it may be a few years before we see the full force of this disruption, in 2013 we will see the early impact take shape within the consumer payments marketplace. Of course there are many other shifts occurring within consumer payments. What shifts do you expect will create the most disruption to your business?
Follow me on Twitter @deneecarrington for more on the evolving consumer payments landscape.