Andrew Hewitt, director, Payment & Data Solutions, FIS
September 17, 2018
Five years ago, we created the first edition of Flavors of Fast, our annual industry report on the state of global faster payments. There were only 14 faster payments schemes in the world at that time, but we sensed it was the start of what would be a seismic shift in the payments ecosystem.
When this year’s Flavors of Fast report went to press, we counted 40 live faster payments schemes -- 15 of which have launched since our 2017 report. There are five more countries preparing to launch schemes in the near future, and 16 that are actively considering what role they’ll play in faster payments.
Still harboring doubts about the impact faster payments will have on financial institutions, end users, and the third-party tech giants and fintech disruptors who leverage them?
Consider the difference just one year has made in the world of real-time payments.
Hong Kong prepares to launch its Faster Payments System by the end of the month, to fend off the market domination payment apps like WeChat Pay and Alipay have secured in China. The launch is dubbed a “brewing payments battle” by the global media.
What does this rapid evolution of real-time mean to the payments ecosystem? Further, what is the fate of financial institutions and providers who don’t keep up with faster payments?
To read more about the state of global faster payments, visit www.fisglobal.com/flavors-of-fast and download our 2018 Flavors of Fast report.
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Tags: Payments, Technology