The global payments industry is undergoing dramatic change, driven by new entrants, regulations, customer requirements and technology. Market participants are looking for continual improvements on speed, convenience and efficiency in order to better serve their customers.
According to Javier Santamaría, chair of the European Payments Council, the industry as a whole has turned its attention to updating payment processes, after years of being focused on surviving the global financial crisis. “I think [renovation] is long overdue,” he says. “We were all distracted by the crisis but now there is accelerating innovation in the payments space.”
