Global development trends in payment card industry

Aleksandar Lagator
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Aleksandar Lagator: National Bank of Serbia

Working Papers Bulletin from National Bank of Serbia

Abstract: This paper presents the most important global development trends in payment card industry. The payment cards industry is specific because it has a high level of multidisciplinarity since, besides the technological, it also includes various other aspects such as the legal, market, financial, social and even political. Hence, development factors of payment cards are not always only technological in their nature but are often also of market, legal, financial, social and political kind. The aim of this paper is to present these very aspects of development in a simple and concise manner, as much as this is possible, given that because of the multidisciplinary nature, the topics associated with payment cards are often extremely complex and voluminous. At the end of the paper, we detail the situation in Serbia which boasts a very high level of monitoring and realisation of technological and legal solutions available in the world. In addition to presenting development trends in payment card industry, the paper also offers some of the author’s critical analysis of certain development trends in the sense of their advantages, shortcomings, problems in realisation and “lessons learned” from previous numerous experiences in the world.

Keywords: payment cards; development trends; chip cards; EMV; CPA; contactless payments; e-commerce; PCI DSS; IFR; PSD2; NFC; HCE; strong authentication; 3-D Secure; SRC (search for similar items in EconPapers)
JEL-codes: C32 E44 G01 (search for similar items in EconPapers)
Pages: 22 pages
Date: 2021-09
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