Money 20/20

TNS On How 'Consumers Will Drive Payment Solutions'

The PYMNTS team caught up with experts in the payments field to ask them their views on industry trends, predictions for the coming year and what their ideal payments system looks like.

We spoke to Lisa Shipley, EVP and Managing Director at Transaction Network Services (TNS). Here are the excerpts:

PYMNTSWhat are some trends that the payments industry in particular has faced throughout 2015?

LS: There has been a huge expansion in the number of players coming in and accelerating change in the payments industry. With mobility, EMV and the new value-added apps, these agile players are bringing solutions to the forefront sooner than they would have going the traditional paths.

PYMNTS: What about predictions for 2016?

LS: Consumers will drive solutions. Earlier, this was done by merchants and acquirers. The pendulum has shifted from the merchants to consumers, and the needs of the market are coming bottom up and companies are responding to those changes. Companies are also thinking more global, trying to find relationships that are cross-border.

PYMNTS: What do you see happening in the immediate and distant future in retail?

LS: Some of the big themes that are here to stay would be the POS integration with hardware and enabling EMV and contactless capabilities into it. I also believe that we will be able to pay using just biometrics. And this is just one way in which payments will change.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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