Banks’ payment innovation agendas will take a hit from technology companies such as Google and Apple, according to 56 per cent of delegates at FST Media’s 3rd Annual Technology and Innovation – the Future of Payments conference last week. Payments start-ups were voted the second biggest threat, at 31 per cent.
While increased competition from new entrants will certainly drive innovation in the year ahead, according to 29 per cent of delegates; the expected impact is still unclear. Axel Boye-Moller, Head of Mortgages, Cards and Merchants for Westpac told delegates new entrants and start-ups will continue to co-exist and collaborate to address different parts of the market. However, Simon Clarke, Head of Internet and Mobile Banking at Suncorp said the payments industry can expect “turf wars” in the next 12 months, as banks, telcos and new entrants compete to own the customer.