Keeping up in domestic and global payments sector

Project name:
Future of payments project

Business and operating models

Financial Services

Area of Expertise:

Large South African bank


South Africa

The continued growth in non-cash payments has increased the revenue potential of the payment sector, making it one of the high-stakes sectors in the financial service industry. 

Until recently, banks were the dominant players in this space. However, new players have been successful in challenging this dominance. From MNOs to fintechs to third-party payment processors, the increased level of technological dynamism in payments has intensified competition. 

Innovations to improve the speed, ease, security and cost of making payments are now commonplace. These range from contactless payments to biometric authentication features, to social-media payments and distributed ledger platforms. 

Banks are faced with how best to respond to these developments. Genesis engaged with a large South African bank to create and maintain a market insights capability that would enable it to develop internal points of view on developments in the payments sector, allowing the bank to respond with appropriate short-term and medium-term strategies.

Genesis compiled a live database of developments in the payments sector and analysed them according to the payment flow, rail and theme. From this we built a comprehensive as-is analysis of the payments space. 

This identified the continuing technological developments, along with those of the competitors, both banks and other entities. We then formed our points of view on key issues that the bank needed to consider. The issues were the entry of Chinese payment giants into the South African market and innovations in the acceptance frontier, among others. 

Finally, we outlined the main trends we had observed and analysed their impact, imminence and risk to the bank.

Our insights provided the bank with a comprehensive view of the trends and developments in the payments sector. Our recommendations included considerations for short-term tactical investments but also longer-term considerations of the direction of payments innovation. 

Our presentation to the senior management and key stakeholders of the bank formed the basis for discussion on appropriate strategies the bank should take regarding its payment services and product offerings


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