PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

Asia Retains Payment 2017 Innovation Crown, While Europe Climbs Ranking for First Time in Nine Years

By PaymentsJournal
June 21, 2017
in Press Releases
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
CO-OP financial services

Businessman pressing hand News Release word on virtual screen. Can bring to the medium of your ad.

The Global Payments Innovation Jury identifies keyfintech trends in 2017

London, 21 June 2017: The Global Payments Innovation Jury today releases its2017 Report, revealing that while Asia remains home to most paymentsinnovation, Europe has leapfrogged Africa, North America and Latin America forthe first time in nine years.

TheGlobal Jury is a panel of 70 CEOs and senior industry executives from 37countries across 6 continents, making it the most global body to look intopayments innovation. Every two years, the Jury convenes to compile a globalresearch report into payments and fintech innovation trends.

Regionaldifferences

With 64 percent of the vote, Asia remains the clearleader in payments innovation, a position it has held consistently sincethe inaugural 2008 Jury and significantlyoutpacing the competition.

Chairmanof the Global Payments Innovation Jury, John Chaplin, commented, “This goes beyond a ‘China effect’. Many other countriesin the Asia region are modernising their payments infrastructures and creatingenvironments that support innovation.”

Notably, for the first time in nine years, Europe hasleapfrogged Africa, North America and Latin America to take second place in theranking.

“While Europe has never been rated favourably forpayments innovation in the past, the 2017 Jury sees real grounds for optimism.There is now a much more progressive regulatory environment in Europe,world-leading innovation hotspots have developed in London and Berlin and weare starting to see that consumers are more willing to give new financialservice providers a go,” said John Chaplin, Chairman of the GlobalPayments Innovation Jury.

B2B versus B2C

The 2017 Jury also explored which payment sector offersthe most profit potential for new business ventures. In developed markets, suchas Europe a big majority (76 percent) see B2B investment as more likely togenerate good returns than B2C, citing the consumer expectation that paymentservices should be free and the major marketing investment required to build asubstantial user base. However, in markets such as Asia and Africa, the sheersize of the population still without access to formal financial services makesthe Jury lean more towards B2C (56 percent) than B2B (44 percent).

“WhileB2C payments tend to get most of the industry airtime, the Jury think the smartinvestors in developed markets are mainly focusing on B2B payment opportunitiesbecause

ofthe better profit potential,” said Chaplin.

Growing importance of APIs

Addressing top industry trends, three quarters (73percent) of the Jury believe that APIs are going to play an increasinglysignificant role in the payments market over the next three years.

“Paymentsare often a source of friction and that means lost sales for retailers andfrustrated customers,” added Chaplin. “Using APIs it is much easier tointegrate payments into apps so that transactions become almost automatic. Theability to make transactions “disappear” was seenby the Jury as one of the most important enablers of innovation as more andmore payments come from mobile apps and Internet of Things devices.”

However, the Jury did not see APIs as a risk-freeapproach and voiced concerns about security risks and who gets blamed byconsumers when things go wrong.

Hype awards

As in previous years, the Jury picked out the area ofpayments innovation that they see as most over-hyped.

“The fact that an innovation is over-hyped doesn’t meanthat it doesn’t deliver benefits for the industry, rather that the claims madeare exaggerated. And hype tends to lead to misallocation of investmentresources,” explained Chaplin.

The Jury decided that distributed ledger technology winsthe over-hype award for 2017.

“While the Jury believe that distribution ledgertechnology can deliver real benefits for the overall financial servicesbusiness they also consider that many of the claims made about itsapplicability to retail payments are over the top,” added Chaplin.

TheGlobal Payments Innovation Jury Report 2017 can be read in full here: https://innovationjury.com/

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    supply chain payments

    The Payment Process: The Supply Chain’s Most Overlooked Cyber Risk

    July 17, 2025
    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    Navigating Global Fintech Regulations Through Strategic Regulatory Arbitrage

    July 16, 2025
    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    AI Is Turning Accounts Receivable Into a Strategic Powerhouse

    July 15, 2025
    Embedded Finance

    Embedded Finance: Bringing Payments Under a Single Umbrella

    July 14, 2025
    Making Real-Time Payments a Reality

    Fulfilling the Promise: Making Real-Time Payments a Reality

    July 10, 2025
    mortgage

    The Rich Benefits of In-House Payment Systems

    July 9, 2025
    digital cards

    Beyond Plastic: Why Digital Cards Are the Future

    July 8, 2025
    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    What Premium Card Overhauls by Chase and Amex Reveal About the Credit Card Market

    July 7, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result