By Swati Dublish, Rajsekar Jayashankar, and Navin Mishra
The payments space is evolving quickly, with the advent of new players other than banks and financial services institutions. These competitors are disrupting the status quo and taking payments from the funds transfer and remittances realm to innovative concepts like buy now pay later (BNPL) and open payments.
With customer expectations having increased, people expect the “art of the possible” from their payments providers—and traditional players need to rethink their strategy to retain their position and customer loyalty lest they become irrelevant. All stakeholders within the payments ecosystem need to align with the broader themes emerging now and in the near future.
We live in a world of artificial intelligence (AI), machine learning (ML), and cloud, a world of “payments as an experience (PaaX).”
The key payment themes of the future—cryptocurrency, central bank…
This article was written by and originally published on hbr.org