The Amazing Race – Payments Edition 2020

The payments industry is grappling with widespread disruption on account of new technologies, emerging players, value-added services, new regulations, and increasing frauds. In addition, the COVID-19 pandemic has significantly impacted non-cash transactions. In this dynamic environment, it is vital to look at local trends, especially for non-cash payments, they can vary significantly among different geographies. Banks need to act fast to retain and grow their customer base in this market.

In this paper, we recommend banks to improve Customer Experience (CX), adopt new technologies, and provide value-added services to attract and retain customers. Outsourcing service providers can help banks by developing an ecosystem with FinTech players and rapidly deploying new innovations in this evolving market.