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Introduction

In common with previous years, 2020 will be another year of considerable change in the retail payments industry. This report identifies and analyzes the key trends that will impact the global retail payments sector in 2020.

Highlights

  • Ovum's ICT Enterprise Insights 2019/20 study shows that, at a global level, 82% of banks and acquirers plan to increase their budgets for retail payments–related projects this year when compared to 2019, with 33% increasing expenditure by more than 6%.
  • At a global level, 39% of banks report that RTP overlay services are one of their top-three investment priorities in retail payments, and 18% cite this as the single biggest strategic imperative for 2020.
  • Investment in loyalty initiatives and reward propositions also remain a high priority for the industry in 2020. The need to deliver stronger engagement with the payment offerings of the banks is a leading investment area for 27% of banks.

Features and Benefits

  • Test and improve your 2020 investment strategy, based on a clear understanding of the priorities and focus areas of your competitors.
  • Understand where the industry is focusing its product development activities this year and make the right decisions about your own product roadmap.
  • Gain insight into the latest thinking about both real-time payments and open banking, and shape your own plans accordingly.

Key questions answered

  • Where are retail banks and merchant acquirers making the biggest increases in IT budgets?
  • Where are the immediate product opportunities in real-time payment overlay services?
  • How can my organization take advantage of the opportunities in open banking?

Table of contents

Summary

  • Catalyst
  • Ovum view
  • Key messages

Recommendations

  • Recommendations for enterprises
  • Recommendations for vendors

Retail banks and acquirers will invest strongly in new payments products and services in 2020

  • More than four in five card-issuing banks and acquirers plan to increase their IT budgets in 2020
  • Real-time payments, supporting marketing activities, and payment orchestration are the leading investment areas
  • Security/anti-fraud, loyalty and rewards, and open banking are also high on the investment agenda

Real-time payments infrastructure is an important catalyst for investment

  • Overlay services on top of RTP infrastructure are high on the agenda
  • The opportunities banks are targeting with RTP overlays include e-commerce, POS transaction, and SME offerings

Open banking will continue to drive much of the agenda for the payments industry

  • Moving beyond basic regulatory requirements will be a key focus for many banks and acquirers
  • True change and innovation will only follow considerable investment and industry collaboration

Appendix

  • Methodology
  • Further reading
  • Author

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