Bloomberg: Beth Costa on Payment Apps
Dec 6, 2018
Oliver Wyman partner Beth Costa was quoted in a Bloomberg story titled “Retailers Embrace Payment Apps to Sidestep $90 Billion in Swipe Fees.”
Merchants hope to mimic the success of Starbucks and Walmart, which have embedded apps into their loyalty programs. By doing so, they are cutting out interchange fees to credit-card companies and also collecting more data on their customers.
“In the past, payments was viewed as a necessary evil and a cost of doing business,” says Beth Costa, a partner in Oliver Wyman’s payments and retail banking consulting practice. “Today, merchants and retailers are seeing payments as a strategic lever.”
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