As consumers demand instant, flexible and user friendly payment systems, product and service providers innovate to meet these demands.
This is resulting in the disintermediation of traditional payment systems and the replacement, or intermediation, of technology based solutions. Although disruptive to traditional systems, digitisation brings opportunities for collaborative innovation which will shape the digital landscape.
Regulation can act as both a barrier and an enabler to this change. Government have begun to enact ‘technology neutral’ legislation which applies regardless of the mode of delivery. To ensure that such a solution is viable issues around privacy, data security and cyber resilience are essential for a workable technological solution.