With Christmas behind us and the New Year nearly upon us, now is a good time to consider what’s in store for payments in 2015. Which payments trends will dominate the industry conversation? Here’s a look at the top 4 issues that will move the industry in the new year:

  • Increased growth of non-banking disruptive players

Digital disruptive players will continue impact the community. They are not going to grab substantial market share from traditional players yet due to their small company size, they are strategically moving in the right direction. Their innovative proposition is aimed at digital consumers and aims to fully meet their needs. The real fight for the digital consumer has already begun and traditional banks are feeling very pressured in light of how different millennial consumer habits are from previous generations. We expect more acquisitions in the coming year with traditional banks buying non-banking players to better reposition themselves and redefine new revenue streams.

  • Make or break year for NFC mobile payment adoption

NFC has been buried many times and should have been dead by now due to extremely low adoption. 2015 will be a crucial year for NFC mobile in-store payments thanks to the Apple Pay and HTC announcements this past year. Even though Apple gave NFC a long –awaited boost, it has yet to gain widespread adoption among iPhone 6 owners. According to a survey conducted by InfoScout, 95 per cent of iPhone 6 users with Apple Pay either weren’t aware they had it or didn’t use it due to poor consumer awareness of which stores accept NFC payment technology and an overall lack of understanding of how the service works.

  • Global recognition for EMV

The mandates by President Obama and the Payment Card Industry Data Security Standard (PCI DSS) version 3.0 formally going in to effect on Jan. 1, 2015. These mandates have finally pushed U.S. retailers to join the rest of the world and migrate to EMV. 2015 is going to be a milestone year as the U.S. accelerates its move to chip payments. According to Datamonitor Financial, there will be one EMV payment card per US resident by the end of 2015.

  • Biometric authentication: farewell to static passwords and PIN numbers

MasterCard and VISA are working in collaboration to substitute the current one-time passwords with fingerprints by 2015. The two payment schemes hope to compete with Apple Pay by using biometric data to verify payments. Apple Pay uses a fingerprint sensor on the iPhone to authenticate mobile payments. Will biometric data make transactions more secure? Not sure, as it has to do more with convenience than with security.

Although it has yet to start, 2015 is shaping up to be a major year for payments. Of course, so many variables can affect how these trends actually play out. We look forward to continued growth in the payments industry. Wishing a happy new year to all!