New payment platforms and tools are launching on a consistent basis. In order to drive widespread adoption of new payment options, retailers, financial institutions and payment providers need to converge. Now, up to 90% of financial institutions say they want to work more closely with retailers and billing organizations to reduce payment costs, according to research from ACI Worldwide and Ovum.
The payments industry has a complicated value chain consisting of multiple stakeholders. This chain can become more complex as new payment touch points are thrown into the mix. However, 44% of organizations say they are already taking steps to, or would like to eventually, reduce the number of “fee-collecting” intermediaries in the value chain.