For consumers, the expansion of mobile payments services and solutions is a benefit. But to the mobile payments industry, new company entrants can create unique just as many unique problems as opportunities.
On Tuesday, the Electronic Transactions Association (ETA) published the findings of their “ETA-GS Survey on New Entrants in Payments: The incumbent perspective survey.” The goal of the effort is to discover the challenges that mobile payments industry professionals face when new companies join the field.
According to the published findings, displacement is a main concern for incumbents in the payments industry, and that entering into business partnerships with new entrants is the “preferred pathway for most incumbent payments companies seeking to thrive in the new competitive landscape.”
The results of the survey will likely factor into points of discussion at the 2013 ETA Annual Meeting and Expo, which begins April 30 in New Orleans.
“ETA is at the forefront of an industry experiencing rapid change, and this new research helps payments companies adapt to an electronic payments business that has never been more competitive,” says Jason Oxman, CEO of ETA. “The analysis gleaned from this report will prove valuable for industry members exploring new business opportunities as well as investors looking to enter this dynamic field.”