Payment trends series #1

Convergence of payments

The world is changing rapidly. Emerging technologies are making it possible to search for, compare, consume, review and promote services at the push of a button. These advancements are making it necessary for payments, which is the backbone of these value chains, to keep up with the change.

Convergence will be central in the transformation of the payments industry across jurisdictions, with providers looking holistically at the payment process and adding value beyond the transfer of funds. It’s clear that concerns over the transmission of COVID-19 through contact has further accelerated the rate of adoption of digital payment systems.


Woman using cellphone for  payment

What are the driving factors of payment convergence?

Although the mix and prominence of drivers vary across different jurisdictions, we have seen a number of key factors driving payment convergence globally, all with different benefits to the consumer. They include:


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Mobile phone and internet penetration.

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Emerging technology and market competition.

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Benefits of customer data.

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Regulatory drive.

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Rising customer expectation.

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Cost-effective merchant solutions.

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Infrastructure modernisation.

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The cost of legacy infrastructure.

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Chantal Maritz

Chantal Maritz

Partner/Director, PwC South Africa

Tel: +27 (0) 11 287 0289

Julian Wakeham

Julian Wakeham

UK financial services consulting leader, PwC United Kingdom

Tel: +44 (0)207 804 5717

Jan Bäckström

Jan Bäckström

Partner, PwC Finland