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One of the leading providers of payment systems, ACI Worldwide, posted on its website a study on the analysis of assessments of the work of banks, retailers and processing companies with the EMV system, mobile payments, banking, etc.
At the end of June 2021, ACI Worldwide presented the results of a study of banks, merchants and processors, highlighting the latest industry trends in EMV, mobile payments, banking, various innovations and combating fraud. Also, the ACI Americas Exchange conference was organized in Boston (USA) on June 4-6, 2021, in which more than 200 representatives of banks, merchants and processors took part.
ACI Worldwide found, among other things, that those closely associated with banking and payments believe EMV migration is driving mobile adoption. The study shows that 49% of respondents believe that the US move to EMV will discourage half of consumers from card payments, and they will start using mobile payments.
The US continues to transition to the EMV standard. The survey participants acknowledged that there are certain problems in bringing new payment systems into operation. The respondents pointed to such shortcomings:
32% of respondents noted that the problem would be the introduction of new hardware (POS terminals, ATMs, etc.)
26% considered that the biggest problem would be the education and training of business partners and the promotion of the necessary information to consumers;
24% said they were more concerned about the timing of compliance and transfer of responsibility.
When asked which trend will most affect the banking and retail industries in the next 6-12 months, only 15% responded that uniform EMV standards would facilitate rapid market entry and adoption.
The conference participants were asked what banking and payment solution is most likely to be implemented over the next year. More than 60% of respondents chose mobile banking (35%) or mobile payments (27%). While EMVs in the US already cover a significant portion of the market and consumer awareness of the advancement of mobile wallet technology is growing , only 1 in 10 respondents to the ACI study expects mobile wallets to become widespread over the next two years. In addition, 14% believe that EMV cards will become the most widespread, while 13% opted for online and mobile bill payment services.
“The results of the study indicate that banks and merchants will not want to immediately transfer control functions to third-party suppliers. Our research is clear evidence that as mobile services evolve, you will see banking and retail brands trying to maintain control of mobile channels, ”said Matt Ellis, Senior Vice President, Online and Mobile Services, ACI Worldwide. Mobile payments are also dominating what banking and payments experts say will shape the industry over the next 6-12 months.
When asked which trend will most affect the banking and retail industries during this period, respondents answered as follows:
- mobile banking adoption - 19%
- more online banking / mobile bill payment services - 12%
- industry and regulatory requirements will slow down mobile technology adoption - 11 %.
When asked what will be the main obstacles that banks and merchants may face in the implementation of mobile solutions, the respondents answered:
- Fraud -35%
- Insufficient integration with major software systems - 27%
- Implementation of hardware infrastructure to support mobile payments - 15%
- lack of agreed industry standards - 13%
- insufficient market interest - 7%
- competition of new entrants - 4%.
At the end of June 2021, ACI Worldwide presented the results of a study of banks, merchants and processors, highlighting the latest industry trends in EMV, mobile payments, banking, various innovations and combating fraud. Also, the ACI Americas Exchange conference was organized in Boston (USA) on June 4-6, 2021, in which more than 200 representatives of banks, merchants and processors took part.
ACI Worldwide found, among other things, that those closely associated with banking and payments believe EMV migration is driving mobile adoption. The study shows that 49% of respondents believe that the US move to EMV will discourage half of consumers from card payments, and they will start using mobile payments.
The US continues to transition to the EMV standard. The survey participants acknowledged that there are certain problems in bringing new payment systems into operation. The respondents pointed to such shortcomings:
32% of respondents noted that the problem would be the introduction of new hardware (POS terminals, ATMs, etc.)
26% considered that the biggest problem would be the education and training of business partners and the promotion of the necessary information to consumers;
24% said they were more concerned about the timing of compliance and transfer of responsibility.
When asked which trend will most affect the banking and retail industries in the next 6-12 months, only 15% responded that uniform EMV standards would facilitate rapid market entry and adoption.
The conference participants were asked what banking and payment solution is most likely to be implemented over the next year. More than 60% of respondents chose mobile banking (35%) or mobile payments (27%). While EMVs in the US already cover a significant portion of the market and consumer awareness of the advancement of mobile wallet technology is growing , only 1 in 10 respondents to the ACI study expects mobile wallets to become widespread over the next two years. In addition, 14% believe that EMV cards will become the most widespread, while 13% opted for online and mobile bill payment services.
“The results of the study indicate that banks and merchants will not want to immediately transfer control functions to third-party suppliers. Our research is clear evidence that as mobile services evolve, you will see banking and retail brands trying to maintain control of mobile channels, ”said Matt Ellis, Senior Vice President, Online and Mobile Services, ACI Worldwide. Mobile payments are also dominating what banking and payments experts say will shape the industry over the next 6-12 months.
When asked which trend will most affect the banking and retail industries during this period, respondents answered as follows:
- mobile banking adoption - 19%
- more online banking / mobile bill payment services - 12%
- industry and regulatory requirements will slow down mobile technology adoption - 11 %.
When asked what will be the main obstacles that banks and merchants may face in the implementation of mobile solutions, the respondents answered:
- Fraud -35%
- Insufficient integration with major software systems - 27%
- Implementation of hardware infrastructure to support mobile payments - 15%
- lack of agreed industry standards - 13%
- insufficient market interest - 7%
- competition of new entrants - 4%.