Payment trends series #2 - Value of a Payment

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Payments are seen as a cornerstone of new digital economies, creating unique customer experiences, stimulating economic growth, addressing financial inclusion and establishing new digital ecosystems and partnerships. The value of a payment has surpassed the notional value that comes from a payment transaction to encompass broader value creation for each of the unique stakeholders within the payments value chain.

The Payment trends series presents a global payments point of view, touching on relevant payment modernisation themes. Payment has predominantly been a game of scale. It still is; however, the context has changed. The traditional way to pay has been disrupted, progressing payments beyond the conventional model into a new paradigm.

The new opportunity lies within the context of a payment. Payments provide insights into managing your business better, understanding your customers more deeply and operating in a more efficient, effective and innovative manner. The value of a payment lies within the richness of the data that it provides. Rich data messaging standards such as ISO 20022 can now provide more information in each payment message that is sent. The same level of hyper-personalisation in social media for a user can also be achieved in financial services via payments. This is where value can be unlocked.