Financial institutions struggle to meet consumer demand for more payment types, mainly because they lack the proper data science capabilities. This drives suboptimal strategies like layering multiple payment types.
Widespread adoption of mobile payments impacted consumer behavior, shaping the way people handle money – including how they pay their bills.
As the payments world is constantly evolving, new channels are popping up, and new payment types are popping up.
[Editor’s note: This is a guest post from Steve Kramer, the Vice President, Product at PayNearMe. With more than 25...