Finance
TPL predicts which markets will succeed in the evolving payments landscape
Global Banking & Finance Review®
Company
TPL's white paper identifies UK, Germany, Spain, and Nordics as key markets in the evolving payments landscape, highlighting digital transformation and growth opportunities.
A new white paper released unveils the markets which will be at the forefront of powering the payments industry in the coming years.
Released by Transact Payments Ltd (TPL), the experts in payment and card solutions, it reveals that the UK, Germany, Spain, and the Nordic countries will be the most well-positioned markets as digital transformation in the industry continues to gather pace.
TPL’s white paper comes at a time of significant change in the payments sector, presenting significant opportunities for all kinds of organisations issuing new payments products across the UK and European Economic Area (EEA).
In the last five years alone, important developments have included the advent of Open Banking legislation, the European Union’s (EU) Second Payment Services Directive (PSD2) and the impacts of Brexit and COVID-19. During this period there’s also been an unstoppable rise in digital and mobile payments, contactless cards, biometric security and wearable payment technologies.
TPL’s white paper findings
TPL believes Britain will retain its leadership position in payments technologies and remain an attractive market for payments issuers.
TPL expects to see dramatic growth in corporate credit products as new specialist lenders using Open Banking, take hold in the market.
Similarly to Germany, TPL anticipates that credit products for SMEs are going to be huge in the Spanish market, but also for individuals.
TPL predicts that the Nordics will be the first markets in the world to fully realise digital transformation in payments.
How payments players can succeed
As TPL’s white paper findings highlight, success means identifying opportunities across markets, and creating products that respond to those opportunities. Yet with the payments business changing so fast, doing everything in-house is no longer an option. Those issuing payments products need to select the right partners to help them unpick the unique complexities in each of Europe’s 34 markets, from regulation to programme management.
Furthermore, flexibility – for issuers and their partners – is going to be equally important. This means offering a wide range of products to customers, products that respect the differences between markets and the specific needs of each market. “One-size-fits-all” approaches are not effective, and the signs are that such approaches will be even less effective in the future.
“We believe great opportunities lie ahead for organisations issuing payments products
throughout Europe and the UK,” said Kriya Patel, Chief Executive Officer CEO, TPL. “As highlighted in our white paper, Britain, Germany, Spain and the Nordics are all in excellent positions to navigate the new landscape in the European payments sector. However, most critically of all, the evidence shows that an effective partnership is going to be the winning strategy in the years ahead.”
TPL is a licensed UK and European e-money institution, regulated by the Gibraltar Financial Services Commission, Malta Financial Services Authority and Principal Members of both Mastercard and Visa. It provides innovative and flexible UK and European BIN sponsorship, modular payment, debit, credit and prepaid services.
TPL’s white paper is available for download here.
This is a Sponsored Feature.
The article discusses which markets will succeed in the evolving payments landscape, focusing on the UK, Germany, Spain, and the Nordics.
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