The future of the payments industry

Read the original article from McKinsey & Company here.

Here is a brief summary of the article:

• Payments industry is entering a new “decoupled era”.
• Risk management is increasingly important for payments companies.
• Payments companies can differentiate themselves by offering convenience, affordability, and security.
• Payments service providers can strengthen risk management processes, address customer impacts, and maintain regulatory compliance.
• Fraud protection is critical for payment system integrity and customer experience.
• Successful firms are deploying multiple authentication methods to detect suspicious activity and minimize customer disruption.