Key Considerations for New Technology Adoption in Payment Solutions

With the plethora of technologies available to support the latest payment innovations, it
becomes important to bear in mind the following considerations :
1) Impact of technology on consumer experience
2) Investments required by all players in the payment value chain for implementing the payment solution
3) Return on Investment for all the players in the payment value chain
4) Risks associated with technology
5) Maturity of the technology
6) Stage of Commercialization of the technology
7) Maturity of the payment solution

While technology plays a key role in the payment solution space, it must be remembered
that technology itself is not a panacea. A technology solution must address a distinct set
of requirements which are focused on solving the needs of customers, merchants and
financial institutions.

Extracted from the paper “Retail Payment Systems” published by the author under the guidance of Prof. P.C.Narayan

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