Defining the Next Decade: What's to Come in Payments?

Defining the Next Decade: What's to Come in Payments?

Defining the Next Decade: What's To Come In Payments?

Erin M. Sarris

Erin M. Sarris

Erin M. Sarris is the managing editor of n>genuity journal. With more than 10 years of experience in payments, she oversees all aspects of the publication to ensure it covers a variety of topics related to financial services.

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Think about how much has changed since 2008. Fast forward 10 years to 2028 — what will the payments landscape be like then? In other words, enough about the past — let's talk about the next 10 years.

We asked friends of ngenuity, including past authors, editorial board members, TSYS executives and team members, for predictions on what's coming in payments for the next decade.

What's your take? Tweet us at @TSYS_TSS to share your own prediction.

Kelley Knutson

president, Netspend

"There will be an assortment of ways — multiple brands, players and options — for moving money to individuals or merchants and transferring funds both domestically and internationally. Consumers and merchants will decide how much they want to pay based on the risk, value or speed needed. Similar to when you send parcels, you will be able to send funds the equivalent of first, second or standard class. In 10 years, that will be the norm, not the exception...and the form factors to initiate a payment will be numerous as well."

Gaylon Jowers

president, issuer solutions, TSYS

"The payments rollercoaster is moving fast and gaining steam to move even more quickly. It has approached its first big hill and is still clicking along. In the next 10 years, we will see it speed down the tracks at breakneck speeds, with big gains in biometrics, artificial intelligence and digital imprints from consumers. Traditional models will look entirely different and the digital ID of the consumer will reign throughout the entire transaction process."

Philip McHugh

president, merchant solutions, TSYS

"There is relentless activity in M&A, innovation and new ideas. But here's the thing: I don't think there will be a single winner. The market will just have more participants, more choice and more dynamics. What the participants will have in common is that they'll all make the complex, simple."

Lori Breitzke

founder, E&S Consulting

"I think Amazon is going to evolve into a bank. It's well-positioned to do it, because while banks are moving away from retail, Amazon is moving toward retail — think the acquisition of Whole Foods and its cashier-less Amazon Go store concept. I also think Amazon Go is just the first example of many when it comes to automating the POS — over the next decade, we'll see much more of that."

Jared Drieling

senior director of business intelligence, The Strawhecker Group

"The momentum toward automated, behind-the-scenes or invisible transactions will continue to gain traction in the short term as payments are embedded deeply and tightly into software. In 10 years, payments will be invisible, and outside technology such as voice technology, biometrics, sensors, big data, AI, internet of things and machine-to-machine payments will rule the industry. Essentially, in 10 years, your fridge and your car will pay for things."

Roman Trebon

vice president, customer experience, TSYS

"Just like we look back on the 'glory' days of Blockbuster video, eight tracks and rotary phones, customers 10 years from now will look back at this time with wonder and pity. The concept of having to actually write a check (let alone the understanding of cursive to sign it) to pay for a good or service will be laughable. Customers going to retail bank locations will be as far-fetched as having a milkman. (Not counting Amazon, who in 10 years will drop off fresh milk by drone in an hour.) Actual plastic (or metal) cards will be a distant memory. We'll pay by voice, by watch, by phone, by hearing aid perhaps. It’ll never be easier to be a consumer."

Luca Gagliardi

senior principal, Accenture Research

"Banks will tell me which card to use in each digital transaction."

Russell Moore

innovation director, TSYS

"Machine-to-machine (M2M) payments will mean billions of devices chatting away with each other and having micro-transactions by the trillions. Consumers will come to realize how much their personal data is worth, a digital identity will become as common as having a cell phone."

Sam Murrant

senior analyst, consumer payments, GlobalData

"We'll see payments move more and more towards convenience for consumers — and this convenience will place the payment details themselves at a far distance from them, in the back end. What's more, the consumer will see none of this due to how rarely they'll interact with their accounts, and what they understand as their card or account will change in nature without them even noticing. It'll all be brought to you by instant payments, open banking regulation and the blockchain to make the process cheaper and more efficient."

Morgan Beard

director of integrated sales campaigns, TSYS

"Major data-mining companies like Google, Facebook, Apple and whatever the social platforms of the future turn out to be, will be forced by the European Union to pay users for their personal data. Banks will be placed on a fairer footing to compete against the data giants that have harvested data in an opaque, labyrinthine manner in the past due to the more straightforward stewardship of their customers' data that banks have historically exercised."

Rick Oglesby

president, AZ Payments Group

"The largest payment processors will follow the WorldPay lead, expanding globally through M&A to achieve scale and counteract payment facilitator-driven margin compression."

Chris Skinner

author and blogger

"China, Sweden, Turkey and a range of other countries will be cashless. America will still be writing checks and swiping cards."

Scott Talbott

senior vice president, government relations, Electronic Transaction Association

"You have payment credentials implanted under your skin."

Bashar Chalabi

chief solutions architect, TSYS

"Commerce (and therefore payments) will become ever more seamless. Consumers will not be initiating retail payments (e.g. swiping a card or tapping a phone). Our phones will ask us once in a while to confirm a payment as we walk out of stores."

Jonathan O'Connor

communications manager, Auriemma Consulting Group

"In the next 10 years I think most college campuses are going to be nearly entirely accessible via a mobile wallet. Students will be using a mobile wallet to store their student ID, allowing them to access buildings, their dorm room, check out books, and to pay for meals and supplies. This would have a profound impact on mobile payments, as it would develop the habit among young adults in a controlled, predictable environment and likely lead to the proliferation of mobile payments more generally."

Charles Keenan

ngenuity staff writer

"Annual volume of U.S. ATM cash withdrawals will hover around the 2015 level of $690 billion, the most recent number published by the Federal Reserve. Non-cash payments will have replaced some of this volume, but population growth and inflation will make up for the loss."

Steve Mott

principal, Better Buy Design

"Ten years from now, when you ask us that question again, we'll still be around."

Scott Carter

senior vice president, digital technology, TSYS

"Over the next 10 years, you'll see a lot more focus on immediate and implied payment experiences. As Gen Y and Z come of age, their need for convenience and immediacy will define how commerce works. They'll favor products that offer instant payment, with instant settlement against their account. You'll see a major shift from card present to card-not-present models, as well as models where customer behaviors imply payment, rather than an explicit payment action by the cardholder. Younger generations will also trust technology companies with their money just like older generations trust banks. As technology becomes more deeply embedded in our lives, we'll learn to trust companies who understand it, and can secure our interactions using ever-more advanced techniques."

The statements and opinions of the writer do not necessarily reflect those of TSYS.

Other Articles by Erin

Erin M. Sarris

Erin M. Sarris is the managing editor of n>genuity journal. With more than 10 years of experience in payments, she oversees all aspects of the publication to ensure it covers a variety of topics related to financial services, including mobile, B2B and emerging technology.

Erin has written for publications of The Chicago Tribune, RedEye and, as well as The Washington Post's Retirement Living, TV Guide, Washington Spaces, Columbus Valley Parent and The Peoria Journal Star. She graduated from Bradley University with a bachelor of science in political science and communication, and from Columbus State University with a master’s in business administration.

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