What are the main drivers and barriers of payment systems innovation in your industry?

2 Regulatory environment

Another important driver of payment systems innovation is the regulatory environment, which can either enable or hinder the development and adoption of new solutions. Regulations can affect various aspects of payment systems, such as security, privacy, compliance, interoperability, competition, and innovation. For example, regulations can promote payment systems innovation by creating a level playing field for new entrants, fostering collaboration among stakeholders, and encouraging the use of open standards and APIs. On the other hand, regulations can also pose challenges for payment systems innovation by creating uncertainty, complexity, and fragmentation in the market.

3 Technological advancements

A third major driver of payment systems innovation is the rapid pace of technological advancements, which create new opportunities and challenges for the industry. Technology can enable payment systems innovation by providing new capabilities, functionalities, and efficiencies. For example, technology can enable payment systems innovation by enabling real-time payments, cloud-based services, artificial intelligence, blockchain, and biometrics. However, technology can also create barriers for payment systems innovation by requiring significant investments, resources, and skills to implement and maintain.

5 Organizational culture

A fifth and final driver of payment systems innovation is the organizational culture, which can influence the attitude and behavior of the people involved in the innovation process. Organizational culture can foster payment systems innovation by creating a vision, mission, and values that support and reward innovation. For example, organizational culture can foster payment systems innovation by encouraging experimentation, learning, collaboration, and customer-centricity. Alternatively, organizational culture can hinder payment systems innovation by creating a mindset, structure, and processes that resist and discourage innovation. For example, organizational culture can hinder payment systems innovation by promoting risk-aversion, silos, bureaucracy, and complacency.