target audience: TECH BUYER Publication date: Dec 2022 - Document type: IDC Perspective - Doc Document number: # US49930822
Consumer Payments in the Age of Economic Change
This IDC Perspective highlights how inflation and increasing interest rates have become factors in the global economy for the first time in the era of digital payments. Consumers are shifting their purchasing behavior and, by extension, their payment behavior to adapt. As a result, banks are being forced to respond in order to retain customers and revenue. Focusing on flexible payment product development platforms will help issuers become nimble and resilient.
According to Aaron Press, research director, Worldwide Payment Strategies at IDC, "Economic changes are driving consumers to think differently about how they make payments. Banks much adapt their thinking, and their technology, to keep pace."