New Study Illustrates Disruption of Payments Industry

A new study is highlighting the massive upheaval of the financial services industry’s digital revolution. Conducted by electronic payment solutions provider ACI Worldwide and market research firm Ovum, the study surveyed over 1,600 banking, retail, and billing company executives in the Americas, Asia-Pacific, and EMEA regions.

New Study Illustrates Disruption of Payments IndustryAmong the key findings of the study: 59 percent of respondents admitted that they were not confident their organizations are “flexible enough to drive innovation in payments,” as ACI put it in a statement. Seventy-five percent of consumer finance companies consulted expressed such an admission.

Meanwhile, there was a 30 percent increase in the number of companies accepting e-payments over the previous year, with 80 percent of organizations surveyed saying they accept e-payments, while only 65 percent reported accepting paper payments. Fifty percent of the respondents reported wanting to “increased investment in real-time payments”, while 48 percent expressed such an interest in mPayments, and 38 percent reported an interest in biometric authentication.

With major brands like Apple, Samsung, and Google’s Android maintaining and intensifying their efforts in mPayments and other electronic payments, and PayPal continuing to disrupt traditional financial services more generally, it seems fair to speculate that those numbers would only increase going forward as cash continues to go digital.