The Transformation of Payments Systems

Payments in the financial services industry have been undergoing a transformation over recent months/years. PArt of it has involved a significant shift to the east, where the new technologies are centered. KPMG has been tracking these changes and writing about them The results appear on the KPMG website and make a tremendous resource for anyone interested in researching this area.

As the site says: "While many in the financial services industry may have historically viewed payments as being somewhat boring, nothing could be further from the truth. In fact, given the rapid pace of change, innovation and growth now underway in the sector, it seems increasingly clear that payments is actually one of the most exciting – and potentially valuable – parts of our current financial system."

And about the shift to Asia: "Amidst all of this disruptive change, one development in particular – while somewhat slower to play out – will change the very dynamics of the sector: the shift East. The facts are undeniable: in 2010 alone, Asia’s share of global payment transaction volumes on general purchasing cards increased from 26 percent to 31 percent. By 2015, Asia’s purchasing volume is expected to be double that of the United States’."

There is a lot of good material there and worth investigating because the next year will see a huge change in payments methodologies around the world, including and perhaps most strikingly in North America. Check out the KPMG site.