News & Views - Savantor

Transition from 2017 to 2018

Saturday, 16 December 2017

As we come to the end of another year we can take stock of the key developments that emerged in the payments arena during the past year and anticipate the trends and challenges of the forthcoming year.

Undoubtedly contactless continued to be a success story, together with the embracing of mobile technology in many aspects of our lives including payments. The inevitable discussions about the potential demise or otherwise of cash have abounded yet in spite of the continued growth of card usage and mobile, contactless and online payments, cash is continuing to play a part in the payments landscape.

A number of non-banking institutions have made their presence felt in the payments market, of which Apple is probably one of the key contenders but also includes the likes of Amazon, Facebook, Samsung and Google.

Fraud and data breaches have been an unwelcome characteristic of the year, with multiple examples of data theft and compromise of systems, including the ransomware cyber-attack affecting the NHS, the massive breach of Equifax systems and the breach of Uber data to name but a few. Online fraud is anticipated to be an area which will prove even more of a challenge in the year to come as technology develops and we become more dependent on it in our everyday lives.

2018 will see a number of regulatory changes introduced, including PSD2, Open banking and GDPR. It is probably fair to say that the public in general is little aware of either their forthcoming introduction or potential impact and implications.

Presence of blockchain technology is also likely to make itself felt as more institutions dabble with the technology.

The struggle will continue of the traditional, established banks to maintain their market presence against the newer contenders, which are much more responsive, mobile-based and aligned to today’s evolving technologies.

The use of biometrics is likely to further evolve especially as alternative and more secure methods of identification than passwords are researched.

Brexit has continued to cause uncertainty this year and it looks likely that this situation is not going to be improved in the short term next year.

As always, the payments industry is subject to continual evolution and this will undoubtedly be the case as we move into 2018.

Savantor wishes the very best for 2018 to all our MarketEye readers.

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