Money20/20: What does it take to get paid?

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Summary

Money20/20 Europe brought together key global players from across the payment industry in the RAI Amsterdam on June 6, 2023, for three action packed days with a multitude of speeches, exhibitors and networking. During the event it was made clear that it is people and partnerships that solidify the commercial opportunities in payments present as a result of evolving regulatory changes and technological advances. At the same time, consumers and businesses now have plentiful choice be it cards, digital wallets, instant payments, cryptocurrencies, CBDCs and more. The pace of change and the hype that surrounds innovation means that it is very difficult to stick to a long term vision. This is where Omdia is able to help ensure that whatever clients want to do they can connect the technology with the realities of the market.

Real-time payments are top priority, but payment cards and digital wallets remain important

According to Omdia’s IT Enterprise Insights (ITEI) 2022/23 survey, 23% of payment issuers and acquirers indicated real-time payments are their top priority in terms of product development, and for a further 26% it is a second and third priority. While real-time payments have been growing globally with acceptance in more than 60 countries, debit and credit cards are still an important product area with more than half of respondents agreeing and will continue to require attention. Digital wallets are in the top-three priority for more than 50% of respondents, and 21% of payment acquirers view digital wallets as their top priority. Additionally, while the momentum is beginning to build around embedded finance some players are prioritizing investments in buy now pay later and cryptocurrencies despite their volatility.