State of the industry 2015
For the last three years Gx has run an international survey on emerging payments. Each year we ask for payments professionals’ opinions and predictions for the coming year. Together with expert interviews this research creates our State of the Industry report.
In 2014 industry opinion on the success or failure of various emerging payments technologies and services moved to a more definite stance, search with fewer people sitting on the fence. However opinion was still very much divided. In 2015 this has largely remained the same with a few obvious exceptions.
Driven by the ‘Apple effect’ optimism about success for NFC in 2015 has leapt up, 73% (43%, 2014) of our respondents are now confident that 2015 is the year it will find success. However, a word of caution from our members; this kind of headline has appeared almost every year for a decade. So, do not let yourself get carried away with the hype. But there might finally be grounding for this opinion. If we separate out NFC on cards and mobile we can see that contactless payments on cards in the UK has been increasing rapidly; contactless transactions are up over 200% over 12 months in 2014 and the value of those transactions is up nearly 300% over the same period. And figures are higher than this in other parts of the world like Eastern Europe.
“Payments are finally cool” says Paypal CPO Hill Ferguson. In an article from Tech Crunch he mentions the 1500 payments startups that can be found on Angle List. Beyond this Dow Jones Venture Source data shows investment in payments reaching record levels, with the fastest growth showing from Europe.
Our members are very positive about the outlook for payments in 2015. This is a year to capitalise and build on the solutions that consumers and businesses are starting to adopt and not get distracted by the inevitable plethora of new ideas. Whether you are B2B or B2C, give your consumers a reason and a convenient way to use your products and services. No matter how good the idea, without this success will escape you.