Payments Industry Resilience

Why the payments industry continues to thrive:

The payments industry is foundational and evergreen because it serves the fundamental exchange of value for goods and services. As a result interest in investment remain at high levels regardless of economic conditions. Even when confronted with challenges the payments industry demonstrates remarkable resilience. By quickly integrating emerging technologies such as mobile wallets and real-time payments we have been able to not only maintain market relevance but set new standards for efficiency, security, and the customer experience.

In addition, the payments industry’s data-driven approach helps us stay ahead of threats. Rigorous analytics enable real-time detection of fraudulent activity, and ongoing monitoring of legislative changes ensures that we can remain responsive. This alertness is critical when responding to curve balls like data breaches or regulatory shifts.

Plans payments enterprises should have in place for challenges in the next 12 months?

Good business fundamentals should remain a priority. Payments enterprises should have robust contingency plans that include diversified revenue streams and scalable infrastructure. Conduct regular stress tests on operational processes, and engage in scenario planning.

Equally important is the old fashioned act of maintaining open lines of communication with regulators and industry peers. Stay alert and stay connected to minimize the likelihood of real surprises.

Maintain agility and flexibility with the expectation of change. For example we may not know for certain how local and national regulations around fees, consumer protection, or privacy will evolve.  But we are certain there will be changes and the best companies will be able to respond nimbly to these and other market disruptions.