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Digital Payments Strategy for U.S. Retail Banks

September 20, 2015

Digitization is transforming banking products and services that have remained unchanged for several decades. It can be argued that no other service has been impacted as much by this phenomenon as payments, a traditional stronghold for retail banks. By empowering the consumer, digitization has allowed nonbank players to threaten banks’ hegemony in the area. Digital payments are a direct result of the digitization of almost all types of payments. They cover all payments and transfers made through electronic formats, including online payments, mobile payments and crypto-currencies through instruments such as mobile wallets, digital wallets and contactless cards. These innovations are fairly recent and consumer adoption levels in the U.S. are low as of now but are expected to grow.

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