Consumer-to-Business Payments: What Will the Future of Retail Transactions Look Like Over the Next 10 Years?

In this episode of Deciphered, Adam Davis, Associate Partner at Bain & Company, is joined by Karim Ahmad, Partner, Bain & Company, Kelly Devine, President, UK & Ireland, Mastercard, and Colin O’Flaherty, Head of SME for Barclaycard Payments, to discuss the future of retail transactions.

Retail payments is both a rich and growing industry, with Bain & Company estimating the total revenue value at $356 billion dollars, with a projected annual growth of 6% over the next 5 years. But the balance of power between traditional and new entrants in this area of finance is slowly shifting. In this hotly contested market, some 90% of today’s revenue pool could migrate to software vendors, major technology firms, and other contenders.

How will the retail transaction market evolve over the next 10 years?

Timestamps: 

- (03:14) Consumer to business payments - what is the future of retail transactions?
- (05:53) Which providers/industry players have been driving the change in banks' monopoly vs reacting to the change in & how do you see that evolving in the market short term?
- (10:07) Which trends interest you from the perspective of your role at Mastercard?
- (13:27) Within the SMB segment, how important are virtually integrated platforms, do you see the same proliferation in the UK/Europe as in the US, and where do you see those trends fitting into the SMB context?
- (16:45) Card growth and looking towards alternative payment methods for growth.
- (22:26) Potential innovations that relate to card volumes and the rise of A to A payments.
- (26:09) Embedded payments, the proliferation of wallets and connected devices 
- (27:51) How do Barclaycard build confidence in supplying payments to organisations where the end users are unknown?
- (33:18) Are investments in sales, marketing, and brand increasing to positively impact customer trust?
- (39:13) Open banking 
 

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• You can find Adam Davis here
• You can find Karim Ahmad here
• You can find Kelly Devine here
• You can find Colin O’Flaherty here

For even more information, check out Bain’s latest report – Consumer-to-Business Payments: A Strong Growth Outlook, but Only for the Well-Prepared.

For more insights from the Deciphered podcast, visit the page on Bain’s website