Are you prepared to succeed in the modern payments industry?

By : Nav Kullar

October 02, 2018 12:00 PM

Cards dominate, but for how long?


Financial institutions that want to deliver a positive, reliable experience for their customers must aim for high standards in card processing. Recent studies underline the vital role 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 revealed that card payments now account 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 by the end of 2017.


Looking at the international picture, Worldpay's Global Payments Report 2017 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. in October 2015.


Against the backdrop of rapid evolution in technology, escalating consumer expectations and regulatory developments such as Europe's PSD2 supporting new services and competition, flexibility is key if you’re going to keep up.



Succeeding in a shifting landscape


Some of the most significant trends we’ve seen in recent years are likely to continue shifting in the forthcoming decade and beyond, creating new challenges and opportunities for businesses.


Stephen Jones, chief executive of UK Finance, noted, "Developments such as open banking are expected to bring extensive changes to the payments landscape, something that will likely shape how we interact with our money in the coming years."


In Europe, the growth of alternative payment methods is expected to have a big impact on the ecommerce sector, while Asian nations are witnessing strong growth in mobile payments, driven by brands such as Alipay and WeChat Pay.


If your business wants to succeed in the diverse and dynamic payments industry, you need transaction processing solutions that have the necessary qualities — such as flexibility and adaptability — to respond.


Traditional, silo-based legacy systems are no longer fit for purpose. They’re inflexible, inefficient and expensive to maintain— significant disadvantages that could hold your business back when you need to be moving forward to compete.


Equipped with a modern transaction processing platform that gives you complete control over how you manage and process payments, you’ll have the best possible chance of success in an industry going through a major transformation.


To learn more, download the white paper, “Fast, Agile, Adaptable” available at

Nav Kullar

Payments Marketing Manager

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Nav is a marketing manager for Payments at NCR and is based in the UK. She is responsible for the marketing of NCR Payment solutions, with a specific focus on the transaction processing platform Authentic. Nav has over 15 years of experience in the payments business with previous marketing roles at Visa and Elavon.