Successfully investing in new payment technologies by understanding consumer preferences and merchant influence

Diane Offereins, Rick J. Reese and Joseph Bonefas

Journal of Payments Strategy & Systems, 2007, vol. 1, issue 3, 238-246

Abstract: Though electronic technology entered the payment industry via the card magnetic stripe three decades ago, only recently have paperless transactions reached a critical tipping point, with card payments becoming more popular than cheques. Although digitisation will allow the payments industry to be more innovative than ever, it will also require the industry to demonstrate the discipline to ensure that these innovations remain focused on consumer needs and do not become overly driven by technology. The industry must also recognise that merchants will continue to be a key constituent in the adoption of payment technologies, as merchants have a significant influence on transactions at the point of sale. The success of new payment technologies will ultimately depend on the ability of industry players to understand consumer preferences (including key demographic factors) and to understand the influence of merchants in driving consumer behaviour.

Keywords: payments; consumers; digital; demographics; innovation (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2007
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