The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreNov 2014
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Alternatives to paper payment have the potential to positively impact all actors involved in the payment process, from governments to consumers. Regulation and policy aimed at realising the efficiency gains and cost reductions has developed at varying pace around with world. Taking into account the characteristics of local consumers’ behaviour, as well as identifying the leading barriers to paper alternative use, can increase the probability of a successful payment policy being developed.
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For a rapid transition from paper to take place in a market, there have to be guidelines established by the government. Card issuers and networks will be hesitant to invest in a market with an uncertain regulatory environment.
Coordination among merchants, card and electronic companies, card issuers and government agencies delivers the fastest conversion rate, but this needs to be initiated by the government.
The payment actors involved in advancing a solution have to effectively communicate the value that cards or electronic transfers have over paper.
The anonymous nature of cash payments plays a large role in shadow economies around the world. Tax evasion and the purchase of illegal goods and services is more difficult with non-paper payments.
Although a domestic network can decrease the cost of processing card payments over the long run, deciding who has to incur the immediate cost often restricts development.
In both emerging and developed markets, the transition of retailing online continues to drive down paper payments.
Government benefit distribution electronically or on cards has the potential to reduce costs for the government and reduce incidents of fraud, while providing an additional policy monitoring tool.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.