As we begin 2021, having navigated almost a year of global crisis, it is clear that payments is a dynamic and innovative industry that has been accelerated, not slowed, by the pandemic. The drivers of change are numerous, from evolving consumer needs and industry consolidation to government and regulatory action and technology development. While we may have seen shifts in the mix of global economic activity, the underlying need for payments to facilitate domestic and international commerce persists.
…it is clear that payments is a dynamic and innovative industry that has been accelerated, not slowed, by the pandemic.Davin Chow, Partner
One recent area of note has been the establishment of new, innovative payment schemes, either by individual providers or by cooperative groups of industry participants. In Europe, a group of 21 major players (banks, acquirers, and industry consortia) from five countries has come together to launch the European Payments Initiative (EPI), intended to deliver an innovative pan-European payment solution, providing greater choice and sovereignty for banks, merchants, payment processors, and consumers. We are pleased to announce that Martina Weimert, a partner in our European Financial Services Practice based in Paris, has been appointed chief executive of the EPI Interim Company.
In this edition of Payments Plus, you will see profiles of the work we are doing with clients, to develop new propositions, capture market opportunities, and organize effectively for the long term.