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Two Thirds of Banks Prioritise Payment Technology Modernisat

Two Thirds of Banks Prioritise Payment Technology Modernisat

As demand for new methods of payment becomes impossible to ignore, more than two thirds of global banks will invest in technologies such as digital wallets and near-field communication technologies to update their payment systems.

Research of 6,500 senior IT decision makers, including those at banks said the demand for different ways to pay and the increase in mobile technology is making banks invest in mobile technology.

Research of 6,500 senior IT decision makers, including those at banks said the demand for different ways to pay and the increase in mobile technology is making banks invest in mobile technology.

The Ovum ICT Enterprise Insights Study said many banks that had a conservative approach to payment system upgrades "are set to finally make their moves in the digital-wallet space."

The report said technology that enables immediate payments is a top three priority for almost half of banks.

A total of 42.2% of banks said payment switching and authorisation technology investments are a priority, with just 21% saying they are top priorities among infrastructure projects.

Analyst at Ovum, Gilles Ubaghs, believes regardless of region, payment has now reached a critical inflection point.

He said: "Banks realise the importance of enabling payments innovation and diversification, which in turn is driving much-needed infrastructure that is both flexible and configurable.

"Vendors themselves should now focus on implementation and modernisation strategies for their own critical payments infrastructure with flexibility in mind, given the diverse range of payments technologies now emerging."

According to a separate study by Forrester Research, about 214 million people in Europe will use mobile devices to do their banking by 2018.


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