The payments sector is changing fast. Domestic cardand/or instant payment systems are launching as an alternative to theestablished international card payment players. There is fresh competition frombanking-as-a-service and payment-as-a-service providers that seek to bridgetraditional card payments andpayments.
There is a proliferation of new payment schemes, blurring rails between traditional card schemes, mobile solutions and instant payments, and seeking to disrupt historical card network players’ control of domestic and cross-border payments.
The card schemes must have a strong vision of how they will stay relevant as the market for plastic cards is challenged. The boundaries of their payment networks are being redrawn. Through acquisition, the payment networks are expanding into real-time payments, digital identity services and fraud prevention. The technical boundaries are changing, as the payment networks build global partnerships with fintech and other partners.
Issuers, networks, payments processors and merchant acquirers are investing heavily to replace or enhance their legacy payments systems. Real-time payments are commonplace in many countries now and buy-now-pay-later financing is changing the consumer lending market. Multifunction payment wallets, traditional payment cards and real-time payments will converge to create new opportunities for consumers and businesses.
In the face of all this upheaval, international payment networks need deep insight into the latest developments and how to succeed in rapidly changing global markets, across NA, Europe, MEA, LAC and APAC. They need market intelligence to help them remain relevant.
At the same time, domestic initiatives need support in developing alternative payment solutions and establishing partnerships between them as well as with historical players.
At EDC, we have unrivalled global payments knowledge and experience, based on our work around the world and across the payments ecosystem.
We are trusted advisers to some of the world’s leading payment networks, including Mastercard, Visa, and American Express as well as many local initiatives.
We have advised on scheme establishment, network scheme rules and operating regulations, business model definition, business-to-business payments strategy, and go-to-market strategy.
We’ll work alongside you as you define your value proposition. We’ll collaborate with you throughout the development and launch phases, and ultimately help you to scale.
“Define pricing, rules, and standards are a key strategic activity when building a new payment network or scheme. The real challenge is enforcing these rules and standards for all the participants, from issuers to acquirers, including consumers, processors and merchants. EDC regularly collaborates with international and domestic payment networks and schemes to define balanced value propositions for all of their participants.”
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“Countries are investing in their banking infrastructure to help money move much faster than cards and more securely than cash. Real-time payments are made between bank accounts that are initiated, cleared, and settled within seconds, regardless of the time of the day. Digital payments that are 24/7/365 will not only be real-time, more than just the transaction value, time and date will be transmitted. New global messaging standards will give businesses the ability to automatically reconcile payments and improve defficiency in their back-office operations.”
How can EDC help you to collaborate with the payment networks?
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