- HM Treasury eases CBILS loan scheme to encourage higher take up
- UK Finance responds to Chancellor's easing of CBILS loan scheme
- FCA proposes temporary financial relief for customers impacted by coronavirus
- PRA welcomes the decisions by the boards of the large UK banks to suspend dividends and buybacks on ordinary shares until the end of 2020
- IW Capital CEO Davis discusses " Are SMEs truly being supported by CBILS?"
- Personal guarantees for CBILS on small business loans should be lifted says solicitor
- Starling Bank offering three-month arranged overdraft interest holidays to personal account holders expired
- Basel 3.1 year's delay welcomed by HM Treasury and PRA expired
- Signavio offers 90 day free usage of its Business Transformation Suite to enable organise operations in response to COVID-19 expired
- Trintech announces technology partnership with Sage to help companies simplify and accelerate financial close processes expired
- SEBA Bank looks at the future for bitcoin expired
- deVere CEO Green warns that an alarming number of people have still not coronavirus-proofed their financial planning strategies expired
24th March 2020
Juniper Research indicates total eRetail transaction values will reach $4.8tr by 2024, up from $3.3tr in 2020
A new report from Juniper Research found that total eRetail transaction values will reach $4.8tr by 2024, up from $3.3tr in 2020. This growth will be driven by emerging markets, with China having 62% value growth over the next 4 years.
The research identified the Chinese eRetail market as a major factor, as well as regions such as Latin America and Africa & Middle East, as improvements in connectivity will enable the rise of eRetail in new markets. .
The new research, "Strategies for Payment Providers: Industry Trends, Opportunities & Recommendations 2020-2024", urges payment providers to seek new revenue streams in emerging markets to mitigate slow growth in developed markets. Accelerating financial inclusion via MFS(Mobile Financial Services), QR code payments and carrier billing will be crucial for this. The research found that mobile payments not requiring a linked bank account offer significant possibilities for eCommerce payments in developing markets.
The research also found that mobile handset penetration is rising faster than banking penetration in developing markets, meaning that mobile access is the best way for eRetail and payments providers to reach potential users. .
The continuing rollout of Open Banking is driving digital innovation, which threatens to reduce reliance on debit and credit cards. Added to this, the popularity of mobile wallets is having a disruptive effect, with physical cards becoming less important to the payments market.
Accordingly, the research suggests that card networks must be proactive, by looking beyond the card, becoming involved in Open Banking initiatives and delivering omnichannel experiences for users.
Research author Susannah Hampton comments “Card networks must leverage their ability to invest in, and forge partnerships with, key players to gain scale in new areas, or they will fail to diversify their revenue streams and will be vulnerable to future disruption.”