In 2013 the Federal Reserve System launched its "Faster Payments" initiative, seeking to push the industry to safer, ubiquitous and faster payments capabilities in the U.S.
Wallets, mobile, EMV, tokenization, MCX, PayPal/Paydiant, Apple Pay/Android Pay and many other developments are making 2015 "The Year of Payments."
Through all of these developments, CO-OP Financial Services sees at least two major trends:
- Mobile first: Most brands are developing products on a mobile-first, mobile-only founding.
- The age of impatience: Consumers don't want to waste a single moment getting exactly what they want.
The data more than support these conclusions. In fact, it can be quite overwhelming. Let's document those conclusions and see what it tells us about adopting a strategy to capitalize.
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