Financial institutions that want to deliver a positive, reliable experience for their customers must aim for high standards in card processing. Recent studies emphasize the vital role that debit and credit cards currently play in the wider payments landscape — they’re the transaction method of choice for many consumers.
In the UK, for example, the British Retail Consortium recently reported that card payments accounted for more than three-quarters of all retail sales, and that increased use of cards for lower-value purchases is driving this trend.
This followed earlier findings from trade association UK Finance indicating that debit cards had overtaken cash as the most frequently used payment method in the UK.
Looking at the international picture, a recent Worldpay's Global Payments Report showed credit cards were the most commonly used payment instrument around the world. In the EU, cards accounted for 49 percent of all non-cash transactions in 2016, making up a much larger share of the market than credit transfers (25 percent) and direct debits (20 percent).
With these industry statistics in mind, it’s clear that ensuring high standards for card processing, complete with a secure and reliable experience, is a major success factor for the modern financial institution. One of the key elements in maintaining these standards is the ability to evolve in line with significant changes in the industry, such as the EMV fraud liability shift that took effect in the U.S.
Against the backdrop of rapid evolution in technology, consumer expectations and regulatory developments such as Europe's PSD2, flexibility is key if you’re going to keep up.