EY+支付科技的崛起-塑造支付未來的七大力量-英

The

rise

ofPayTech

—

sevenforces

shapingthe

future

ofpaymentsA

message

from

ourleadersWe

believe

thepayments

industry

isgoingthrougha

periodof

radicaltransformation.

The

rapid

development

of

new

payments

technologiesisdramatically

reshaping

how

banks

andtraditional

payments

providersthinkabouttheirpayments

businesses

today.

As

traditional

playersassess

theirexisting

payments

strategies

andoperating

models,

theymust

decideonthemost

effective

way

to

transform

theirapproach,

toultimately

offer

“value

beyond

payments.”The

trends

described

inthisreport

are

themost

dynamicareas

we

thinkbanks

andpayments

providers

shouldconsider

andmake

greater

investment.

They

highlighthow

PayTechs

andother

new

entrants

are

usinginnovation

andtechnology

to

disrupttheconventional

payments

landscape,

andwhatnew

payments

capabilities

they

aredevising

asa

result.

The

report

was

developed

through

in-depth

analysis

of

thePayTechlandscape

andfrom

dialoguewithindustry

leaders,

EY

senior

strategists,

technologyleaders,

andpayments

services

providers

(PSPs).We

are

optimistic

andexcited

aboutthefuture

of

thepayments

industry,

whilerecognizing

thechallenges

banks

andpayments

providers

face

to

keep

pace

withdisruptors.

That’s

why

we

continue

to

askbetter

questions,

challengetheindustry’sconventional

wisdom,

andconstantly

test

ourown

thinking.That’s

how

we

engageandcollaborate

with?nancialinstitutions,

PSPs

andother

industry

stakeholders

to

buildabetter

working

world.The

rise

of

PayTech—

seven

forces

shapingthefuture

of

payments2contentsTable

ofExecutive

summary0407111520222429333435363701020304050607OpenbankingReal-time

paymentsCross-border

paymentsBuy

now,

pay

laterDigital

wallets

andsuper

appsEmbeddedpaymentsCBDCs

anddigital

currenciesConclusionHow

EY

can

helpEY

contactsRelated

thinkingReferencessExeucutivemmaryThe

payments

industry

is

going

through

a

period

of

radicalThe

rise

of

PayTechThe

disruption

of

the

traditional

paymentsecosystem

has

been

rapid

and

impactful.

FinTechshave

grasped

an

opportunity

to

leverage

theirtechnological

capabilities

and

customer

centricityto

expand

into

payments.

As

a

result,

users

arenow

provided

with

fast,

easy

payments

solutionsthat

target

individual

needs.

In

the

midst

of

thisdisruption,

a

whole

new

subsection

of

digitalplayers

has

emerged:

PayTechs.PayTech

by

numberstransformation

with

profound

changes

occurring

across

the

sector.Payments

lie

at

the

heart

of

commerce

and

the

digital

economy

withOvera

market

size

of

around

US$240

tn.

As

the

payments

world

grows125%far

beyond

the

con?nes

of

traditional

transactions,

incumbentplayers

are

facing

signi?cant

challenges

on

many

fronts.of

FinTechs

are

PayTechs2,400+“PayTechs

globallyPayTechs

are

a

sub-group

of

FinTechs

that

focuson

the

payments

value

chain,

as

well

as

paymentsfacilitators

(PayFacs),

PSPs,

networks

creatingnew

payments

propositions,

and

paymentstechnology

suppliers.WiththeriseofPayTechs,weseeaboostValued

at

overUS$2.17tnofinnovationandnewpropositionsthatarerede?ningthepaymentslandscapeandpoweringconnectedcommerce,whileo?eringconsumerchoicethatwehaveneverseenbefore.Fundamentally,paymentsarebecomingmoreinstant,frictionlessandembeddedwithinPayTechs’

enduring

impact

on

the

paymentslandscapeSource:

CBInsights

andEY

analysisNote:

Asof

June2022PayTechs

have

helped

to

createanew

paymentslandscape

thatisdynamicandfast-moving.Asthedigital

economy

growsandcustomers’appetite

for

seamless

payments

increases,PayTechs

are

offering

integrated

solutions

forboth

consumersandmerchants

to

meetthisdemand.

PayTechs

were

quick

to

recognize

thatfast,

frictionless,andembedded

payments

offera

distinct

competitive

advantage.customerjourneys–henceinvisible.AllaGancz,EY

UKPayments

Consulting

Leader4There

are

seven

areas

that

we

regard

as

havingsigni?cant

in?uence

over

today’s

payments

landscape:open

banking,

real-time

payments

rails

(RTP),buynow,

pay

later

(BPNL),

digital

walletsandsuper

apps,embedded

payments,

digital

currenciesandcross-borderpayments.

Eachoneisan

indication

of

howquicklythesectorisevolving.?

Adoption

of

RTR

unlocks

tremendous

innovation

acrosstheoverlay

services,enablingall

PSPs

to

serve

customersbetter

through

account-to-account

(A2A),whichisfurtherreinforcedandaccelerated

by

open

banking.radical

data

monetization

opportunitiesanduniquecustomer

offerings.?

Cryptoanddigital

currencieswilloffer

notonlynewpayments

methods,butanew

infrastructureenablinginstant

settlement

through

distributed

ledger

technology(DLT),

programmability,smart

contractsandtokenization.?

Embedded

payments

are

expected

to

scaleandbecomemore

invisible

asnon-?nancialservices

providers

integratepayments

into

customer

journeys—

driven

bytherise

ofe-commerce,

platformsandmarketplaces.In

this

report,

we

will

explore

the

evolution

of

theseforces

and

look

ahead

to

what

is

driving

these

modelsforward,

while

analyzing

how

banks

and

non-banks

canbe

successful.

The

report

aims

to

connect

the

dots,

offera

clearer

picture

of

how

the

future

of

payments

may

look,and

understand

the

implications

for

incumbent

PSPs.Whilethepace

of

adoption,

scaleandimpact

of

theseindividualforces

may

vary

across

markets,

we

believethat

eachonesigni?es

fundamental

change.

PayTechs

willcontinue

to

drive

transformation,butincumbent

PSPs

alsohavea

major

role

to

playinshapingthefutureoutlookofthesector

to

better

servetheir

customersandguide

them

intothenext

payments

era.?

Emergence

of

innovative

PayFacs

isfundamentallychangingtheway

businesses,

acquiring

banksandcardnetworks

work

together.?

New

PayTech

ecosystems

are

emerging

to

securely

store,manageandleverage

consumerandmerchant

datagenerated

through

payments

transactions—

representingLooking

ahead

to

how

the

future

of

paymentswill

evolveAs

we

assesstheevolution

of

PayTech,

we

can

observesome

notable

shiftsandtakeaways:?

Connected

commerceisdrivingthedigital

economy.All

new

payments

propositions

arehelpingto

connectmerchantsandconsumers

directly,inthemostef?cient

way,

leading

to

faster,

cheaperandsaferpayments

methods.“Whenyouexchangedata,youexchangevalue.Whenyouexchangevalue,you’remakingapayment.That’swhypaymentsareeatingtheworld.?

“Value

beyond

payments”

has

been

top

of

mindfor

many

payments

players

as

they

look

beyondtransactions

and

toward

the

holistic

customerexperience

by

providing

relevant

services

before

andafter

payments,

thereby

turning

into

a

“one-stop

shop.”Jeremy

BalkinGlobal

Head

of

Innovation&

CorporateDevelopment,

Payments,

J.P.

Morgan?

Open

banking

will

be

a

real

game

changer

as

manymore

players

will

embrace

“pay

by

bank,”

as

wellas

new

payments

methods

like

variable

recurringpayments

(VRP).The

rise

of

PayTech—

seven

forces

shapingthefuture

of

payments5Figure

1:The

seven

forces

reshaping

thepayments

industryOne-stopshopandvaluebeyond

paymentsInvisible,

experientialpaymentsInstallmentpaymentsDigital

wallets/super

appsEmbeddedpaymentsBuy

now,pay

laterA2A

paymentsandanddigital

identityAlternate

paymentsmethodDigital

currenciesOpen

bankingandCBDCsOverlaypaymentsservicesReal-timepayments

railsCross-borderpaymentsAffordableandtransparentinternational

paymentsThe

rise

of

PayTech—

seven

forces

shapingthefuture

of

payments6Open

banking

aims

to

put

control

of

data,

identityand

payments

more

?rmly

in

the

hands

of

customers,thereby

allowing

authorized

third-parties

to

accessbanking

capabilities

on

customers’

behalf.

In

manymarkets,

this

is

achieved

via

secure

applicationprogramming

interfaces

(APIs)

which

provide

a

newchannel

for

banks

to

distribute

their

services.On

top

of

this,

open

payments

effectively

allowconsumersandthird-parties

to

initiate

paymentsdisbursements

and/or

collections.

They

enabledigital

payments

to

bypassthedependency

ofusingintermediariesandinstruments,suchas

checksor

cards

to

transact,whileensuringsecurityandcustomer

consent

requirements.Open

banking

—a

gamechangerfor

the?nancialecosystemHistorically,theretail

payments

landscape

acrossmuch

oftheglobe

was

?rmly

dominated

by

cardsandwallets.

Access

to

most

banking

services

wasrestricted

to

thebank’s

own

channels,suchaswebsitesandmobile

apps,supporting

a

highlyintegrated

approach

to

service

provision.

Customershadfew

optionsandmerchants

werewillingtopaythecomparativelyhighcosts

associated

withthese

methodsduetotheirunparalleled

reachandconversion

rates.Global

examples

of

open

banking

vary

widely.

In

theEuropean

Union

(EU),

there

are

regulatory

minimumson

granting

customer

access

to

accounts,

whereasin

other

regions,

such

as

the

United

States

(US)

andCanada,

banks

have

approached

this

more

from

acommercial

standpoint

and

begun

commercializingAPI

channels.

In

parts

of

Asia,

?nancial

super

appsare

offering

deep

integrations

between

?nancialand

lifestyle

brands,

building

extensively

on

APIsto

drive

seamless

integration.

This

presents

aKey

takeaways?

Open

bankingisa

globalphenomenonputtingcustomers

more

?rmlyincontrol

oftheirdata,identityandpayments,

supported

by

inexorabletechnologyandpublic

policy

trends.?

Itprovides

new

possibilities

for

faster,

more

secure,cheaper

payments

that

are

convenient

for

customersby

connecting

merchantsandcustomers

directly,effectively

creating

very

compelling

“open

payments”or

“pay

by

bank”

options.somewhat

fragmented

global

picture,

but

one

wherethe

general

direction

is

an

opening

up

of

access

andinfrastructure,

which

supports

customer

choice.Open

banking

accelerates

options

to

leapfrogthisdependencyandmeet

increased

customer

demandfor

frictionless,

customized

payments

experiences.?

Global

fragmentationinpayments

requires

variationsinapproach

across

different

markets.“Openbankingadoptionhasreallytakeno?thisyear.Weshouldnotlosesightoftheenormouspotentialalreadywithinourgraspontheexistingpaymentinitiationservice(PIS)andaccountinformationservice(AIS)rails,frompaymentstoonboardingtoriskservices.WeareseeinghugeimprovementsinconnectivityperformanceinSouthernandEasternEuropeandexpectthistodriveanewwaveofconsumeradoptionintheshortterm.Thisisbefore,ofcourse,thebigleapforwardinrecurringpaymentsenabledbyVRPandSEPAPaymentAccountAccess(SPAA),whicharefastbecomingreality.?

Open

?nanceisthenatural

continuation

of

openbanking

foundationandmandates;andopen

datawillenablefurtherindustry

convergence.To

m

PopeHead

of

Payments

andPlatforms,

TinkThe

rise

of

PayTech—

seven

forces

shapingthefuture

of

payments7Building

an

open

payments

ecosystem“Open

bankinghascreateda

new

bank

payments

methodanda

framework

for

payments

innovation.

Whileitgenerallydoes

not

provideanew

set

of

payments

rails,

open

bankingcreatesanewmechanismfor

paymentsinitiation,ineffect,

open

payments.

APIs

can

be

used

to

easily

triggersinglepaymentsbutalso

give

greater

?exibility,suchascreatinga

mandateor

business

rules

for

variable

recurringpayments

transactions.

The

APIs

that

existalongsideopenbanking

haveunshackledthepotential

of

A2A

paymentsby

removingthebarriers

created

by

fragmented

paymentsrails,

forming

an

effective

“pay

by

bank”

option.Openbankingisacceleratinginnovationwithinthepaymentssectorandprovidingforward-thinkingbusinessesofallsizeswithacompetitiveedgebyenablingthemtoo?er?exibleandfrictionlessoptionsatcheckout.Merchantsthatprovidecustomerswithgreatercontrolandvisibilityover?nancialtransactions,intandemwithasimpleandsecurepaymentsexperience,suchaspaywithbanktransfer,willbetheonestocapturetheattentionoftoday’ssavvyshoppers.This

makesiteasier

to

access

payments

clearing

systemsandembed

an

A2A

payments

atthepoint

of

purchase.

Asaresult,

customersandmerchants

face

much

greater

choice.A2A

payments

offerthepotential

of

unrivalled

reach

bycovering

anyone

witha

bank

account,andstrong

conversionrates

thanks

to

zero

data

entryanda

smooth

user

journey.Moreover,

itoffersthepotential

to

provide

superb

bank-grade

security

with

regulatory

checks

seamlessly

bakedinand,crucially,a

very

low-cost

option

with

feweror

nointermediaries.HollyCoventryVice

President

of

International

OpenBanking

Payments,

American

Express“OpenBankingwascreatedtodrivecompetitionando?ercustomersmorechoice.WithoversixmillionusersintheUKalone,theambitionbehindthisisclearlystartingtoberealized.Whetherit’senablingbetterFXratesforconsumerswhotravel,orenablingpeopletobettermanagetheirmoneyinadi?cult?nancialclimate,we’reseeingmoreandmoreexcitingpropositionsappear.Somemaycompetewithexistingproviders,othersmayenhancecurrento?erings.Thekeyisthattheyallbene?ttheendcustomerinwaysthathistoricallyjustweren’tpossible.Open

paymentsand“pay

by

bank”willblossominmarketsthat

are

able

to

create

an

effective

open

paymentsecosystem,whichincludes

robust

standards,

strongoperational

performance,

great

customer

experiencesandstrong

adoption.

As

these

components

start

to

come

intoplace,

marketswillseea

tipping

point

for

“pay

by

bank”across

certain

segments

whereitachievesinitialproductmarket

?t.

Payments

providersneedto

invest

ahead

ofopen

payments

developments

to

be

well-placed

to

takeadvantage

of

these

market

shifts.James

LynnCo-Founder,

CurrenseaThe

rise

of

PayTech—

seven

forces

shapingthefuture

of

payments8“The

UK’s

open

banking

experienceIn2018,thesecond

payments

services

directive(PSD2)

was

implementedinEurope.

The

UK

adopteda

uniqueapproach

to

driving

open

banking,builtonkey

principles

from

PSD2,suchas

mandatingandstandardizing

APIs

acrosstheninelargest

banks.

Overtime,theUK

approach

was

re?ned

to

includeimprovedcustomer

experienceanda

focusonoperationalperformance

of

APIs.

This

laidthefoundation

forFinTechandPayTech

?rms

to

develop

solutionsusingthiscapability,

fostering

competitionandacceleratinginnovation.Asopenbankingevolvesacrosstheglobe,many?nancialinstitutionsarediscoveringnewbene?ts,improvedoperationalsavings,greaterinsightintoconsumerusecasesandimprovedconnectivity,allwithinasystemthatprotectstheconsumerandrespectsconsumerprivacy.In2021,

more

than

26millionsuccessful

paymentswere

made,￡10bn.

There

are

now

more

thansixmillionusersatthecurrent

growth

rate,

almost

two-thirds

of

adultswillbeusingopen

banking

by

theendof

2023.2with

an

estimated

total

value

of

more

than34and,5Forpayments,openbankingisFigure

2:Open

payments

growth

since

thePSD2

mandate

was

enforcedallowing?nancialinstitutionsandFinTechstodriveinnovationthroughcustompaymentssolutionsthathelptoimproveconsumers’?nancialhealthinasafeandsecureenvironment.6million26.6millionStrongcumulativegrowthOpenbankingpaymentsIntoday’suncertaineconomicenvironment,it’simportantforconsumerstohaveaccessto?nancialtools,resourcesandactionabledatainsightstohelpmakeinformed6millionregularusersofopenbankingofwhich5millionareconsumersand1millionsmallbusinesses.Cumulativelyover26.6millionopenbankingpaymentshadbeenmade(cumulative,by

2021),anincreaseofmorethan500%inayear.

MostopenbankingusecasesintheUKcenteredaroundpayments.60%?nancialdecisionsandtoengagewithavarietyof?nancialserviceproviders.125Tim

PoskittCountry

Manager—

ANZ,Envestnet|

YodleeFaster

momentumofadoptionOpenbankingenabledproductsandservices60%increaseinnewcustomers(up

from

2.8millioninDecember2020).1millionnewregular/active

usersareaddedeverysixmonths.125openbankingenabledproductsandserviceslivewithcustomerswithintheopenbankingecosystem,atanygiventime.The

rise

of

PayTech—

seven

forces

shapingthefuture

of

payments9The

future

of

open

bankingOpen

API

providers

have

emerged

as

key

technology

stackpartners

for

both

banks

and

FinTechs

to

unleash

next

generation?nancial

innovation

in

an

accelerated

manner.

As

a

result,incumbents

and

new

players

are

increasingly

collaborating

onproducts,

processes

and

assets.

Banking-as-a-Service

(BaaS)models

are

helping

to

?ll

the

gaps

and

embed

high-end

capabilitiesin

which

customer-centric

experiences

will

become

the

norm.OpenbankingOpen?nanceOpendataOpenaccount

information(AISPs,

account

aggregation)Openproducts(Curated

marketplace,pensionaggregators)Data&

capabilitiessharingacross

industriesincludinge-commerce,gaming,payroll,utility,

healthcare,

telecomOpenpayments(PISPs,

Strong

CustomerAuthentication)Openprocesses(Alternate

credit

scoring,?ow-basedlending)The

open

banking

movementisbuildingmomentum

globally,radicallychangingtheway

banks

approach

business

models,customer

engagementandservice

delivery.

With

digitalexperiences

becoming

increasingly

important,

open

bankingoffers

opportunities

for

organizations

to

serve

customersinmoreinnovativeandintuitive

ways.OpenData(e-Commerce,

payroll,

utility,healthcare)OpenAPIsOpenassets(Bankingasa

Service,complianceasa

service)(Customer

consent,

standardinterfaces)OpenBusiness

Models(Embedded?nance,

automated?nance)But

arguablythisisjustthebeginningofa

much

largerphenomenon.Policymakersinmarkets

aroundtheworld

areexploringtheextension

of

open

banking

into

open

?nance,andbroader

initiatives

to

openupeconomies

even

further,

embeddingprinciples

of

access

to

servicesanddata

as“The

Australian

experience

on

data

rightsOpenbankinghasextendedtoopen?nancewhichhasalsofueledtheaccelerationofembedded?nance.Spurredbytherapidadoptionofnewtechnologyalongsidetheboundlessdemandsinconsumerpreferencesandbehavior,thisbringsustothenextdigitalfrontier–opendataeconomiesandmonetization.In

Australia,

the

Consumer

Data

Right

(CDR)

promises

torevolutionize

the

customer

experience

and

radically

reshapemany

industries.

This

is

being

enabled

by

allowingconsumers

to

compare

products

and

deals,

and

switch

moreeasily

between

retailers

—

and

allowing

companies

to

readand

use

detailed

consumer

data

in

real-time.wider

principles.Recommendedactions?

Explore

options

to

broaden

retail

payments

servicesbeyond

card

railsandinto

open

payments.Thosewhomerely

focusoncomplianceanddon’t

activelyparticipate,will?nd

themselvesbehindthecurve—

withincreasinglysmalleravenues

for

growth.

Complianceonits

own

rendersthebusiness

susceptible

to

threatsfrom

competitors—

withthenon-activebutcompliantentity

forced

to

release

data

to

theactive

participantwhohassuccessfully

lobbiedtheconsumer’s

consent

todemandsuchdata.?

European

banks

mustlookbeyond

compliance

to

developnew,

compelling

propositions

that

leverage

open

banking.?

Develop

APIchannelstrategies

witha

focusonwhichthird-parties

can

bring

differential

value

to

customers.May

LamEY

Partner,

APAC

Payments

Leader,Oceania

FinTech

Leader?

Gain

familiarity

withthekey

open

banking

FinTech

serviceproviders

operatinginrelevant

markets,includingthecapabilities

that

are

available.The

rise

of

PayTech—

seven

forces

shapingthefuture

of

payments10RTP

have

spreadquicklyinrecent

yearsduetoincreased

demand

for

instant

money

movementby

consumersandbusinesses.

RTP

use

modernpayments

rails

to

move

money

from

end-to-endinreal-time.

The

global

real-time

payments

marketsizeiscurrently

valued

at

US$17

bnandisexpectedto

reach

US$193

bn

by

2030,

growing

ata

CAGR

ofandfragmented,

with

multiple

competitiveschemes.

The

UK

was

an

early

adopterin2008,with

many

countriessuchasIndia,Sweden,AustraliaandMexico

following

suit.

Overthenextfew

years

wewillseethelikes

of

CanadaandtheUSjointhefray

withtheir?rst

release

of

real-time

railsexpectedin2023+.Real-time

payments

—transactions

in

seconds34.9%

from

2022

to

2030.6There

are

several

drivers

that

have

helped

someRTP

systems

mature

faster

than

others—

maturitybeingmeasured

as

adoption

bytheecosystemproviders.As

of

today,

RTP

existinvarious

stages

ofmaturity

acrosstheworld,

with

56

RTP

schemeslive

globallyin2022.

So

far,

however,

itislocalizedKey

takeaways?

Deployments

of

RTP

are

at

anall-timehighduetoinnovationsintechnology,

changesinregulationsandcustomer

demand

for

easier

access

to

funds.However,

thematurityandadoption

rates

of

RTPsvary

by

region.?

Althoughthebase

RTP

infrastructureisastep

towardthefuture

of

payments,thetrue

value

of

RTPisonlyrealizedwhensurrounded

with

value-addedservicesor

overlays,suchas

request

to

pay,

instantcross-border

payments,andfraudandliquiditymanagement

tools.?

Financialinstitutions,

PSPS,

PayTechs

andFinTechswould

bene?t

from

providing

these

“overlays”,

tonotonlyincreasetheirbottom

linesbutalsothetransactional

volumesontherail

itself.

Thisisawin-win

for

all

partiesintheecosystem.?

Consumersandbusinesses

alike

arelookingforease

of

useandimmediate

access

to

funds.

Withtheincreasing

availability

of

overlay

services

to

bolsterrevenue,

thosewhohave

not

yet

adopted

RTP

aregoingto

be

leftbehind.The

rise

of

PayTech—

seven

forces

shapingthefuture

of

payments11?

Regulatory-driven

frameworks

—

countries

whereregulator-led

RTP

initiatives

have

experienced

bettersuccessininitialimplementation.terms

of

cross-border

intergovernmental

collaboration,tradeandbusiness

employment

opportunities,

comparedto

thefragmented

US

market.

RTP

have

?ve

maincharacteristics

that

impactthepeople,

processandtechnology

of

banksandnon-banks

alike:

24x7x365availability,ISO20022

message

format,

immediate

accessto

deposited

funds,

irrevocable

paymentsandimmediatenoti?cations.

However,

therailalonedoes

not

solveconsumerandbusiness

needs.

Bene?ts

are

truly

realizedwhentherailissurrounded

by

value-added

services.“Whenitcomestorealtime?

Green-?eld

infrastructure

—

lower

implementationcomplexity

for

banks

with

newer

technology.paymentsit’sallaboutreachandchoice.Whenrealtimepaymentsareavailableubiquitouslyinamarket,customeradoptionaccelerates,andnew,innovativeusecasesemergethatbene?ttheentireecosystem.We’veseenthishappeninmarketsliketheUKandThailand–whereannualRTPvolumesareapproaching200perpersonandhavefacilitatedanadditional1.12%ofGDP*.However,earlyparticipationbyandcollaborationbetweenthe?nancia