The EPCA Payment Summit is a key conference for the European payment industry. It provides plenty of opportunities to catch up on the latest ideas from payment experts and leaders, to exchange ideas, to attend innovative and educational presentations, and to brainstorm on what the future will look like.
The 2013 edition was held in March in Brussels in the beautiful Egmont Palace. Both technical and economic experts assembled to tackle the latest and future trends in the payment industry.
The focus was on disruptive innovation in payments. Michael Wade (Professor of Innovation and Strategic Information Management, IMD Switzerland) offered an outside view on the payments industry, during a very comprehensive presentation on what disruptive innovation means, the current status of the industry, and its future. His main focus drew participants’ attention to current payment solutions and possible game changers in the market. He also talked about what types of companies might act as disruptors and what mindset industry leaders should adopt, concluding with: “It’s much better to disrupt yourself than be disrupted, so figure out the consumer and merchant’s pain points and start developing end-to-end solutions today!”
In addition to innovation, a key insight presented during the summit is that mobile is also a dominant trend, as “any financial organization that doesn’t have a mobile strategy doesn’t really have a strategy” (Dave Birch). The event also shed light on the regulatory evolution of the European payment industry, a topic that generated great attention and discussion. The European Payment Institutions Federation (EPIF) presentation, in which Payvision took part, focused on raising awareness within the business sector that – even though innovation is the driving force behind the sector’s evolution – it is regulation that is the 2nd pillar on which likely developments of the industry will be built. To find out more information on this topic, listen to Ignacio Gonzalez Paramo, Payvision Vice President, Global Compliance and speaker in the EPIF panel here.
Other topics discussed during the summit and considered as the trends in the upcoming years were opening of accounts, e-identity, e-invoicing, customer loyalty, payment cards, and alternative currencies, such as Bitcoin. Michael Burtscher is making a short summary of the first day of the event:
As food for thought, the EPCA Summit raised an important question that all business leaders active in the payment industry should reflect on: how do I introduce and improve innovation and act as a disruptor in my industry?