Everyone wants to know where the payments industry is heading. But crystal balls are misty things.
Headlines like “our industry is moving at pace,” “modernise your payment systems or be left behind,” and
“get on board with agentic AI” capture the mood of disruption, but they don’t tell the whole story.
To cut through the noise, it helps to look at payments through three lenses:
simplicity, security, and society. Together, they don’t just show the direction of travel, but also the consequences of our choices. Over the coming months, I’ll be using these lenses to get past the headlines and examine the underlying dynamics shaping
payments.
Why simplicity matters
We live in an increasingly complex world. Customers, businesses, and regulators face layers of systems, data, and rules that can overwhelm.
That’s why simplicity matters. It isn’t the absence of depth—it’s about clarity of purpose, ease of use, and accessibility. Simplicity matters for all stakeholders:
- For customers: simplicity means accessible payments that just work.
- For firms: straightforward, resilient systems that don’t buckle under pressure.
- For regulators: simplicity can deliver safety and transparency.
Take Confirmation of Payee protecting customers in the UK: an embedded verification step when setting up a new payee, supported by trusted technology and backed by regulators. It’s a good example of simplicity driving trust.
Simplicity as the foundation of security
It’s often said that security adds friction while simplicity removes it. The reality is more nuanced:
simplicity and security strengthen each other.
When systems are streamlined, they can be easier to defend. Transparent processes reduce hidden vulnerabilities. Robust security doesn’t just protect money or data—it protects
trust, the foundation of the payments ecosystem.
Trust is hard won and easily lost. A single breach can cause lasting damage. But every day, behind the scenes, countless attacks are thwarted. That quiet resilience is part of what keeps payments moving.
Society: The binding agent
At the end of the day, the payments ecosystem exists to serve society. Society is made up of customers, firms, investors, and regulators, all bringing different expectations—and their success is interconnected.
When payment systems are simple and secure, everyone benefits. Confidence grows, innovation thrives, and trust deepens.
Theres much of society to look forward to, looking ahead, open data is one of the biggest opportunities for society:
- For consumers: it offers better financial health, empowerment and control.
- For firms: opportunities to develop new services and business models.
- For regulators: open data supports the drive for a more competitive and dynamic market.
Apple, the CMA and a “Back to the Future” moment
Progress isn’t always linear. Sometimes, healthy friction drives change.
A live example: the UK Competition and Markets Authority (CMA) is considering new rules to open up mobile ecosystems to developers. With Apple and Google powering so many UK devices, it’s a high-stakes debate.
Apple have concerns, warning of risks to privacy, security and innovation. Their arguments echo the concerns raised by Banks when
open banking was first mooted. Today, after healthy friction, Open banking is delivering more competition, more choice and better experiences for customers.
So, what might interoperability in mobile payments bring?
- For consumers: more digital wallet options.
- For developers: new or stronger revenue streams, with easier integration into Apple devices.
- For society: a more open, innovative ecosystem.
It will be fascinating to watch how the Apple and the CMA relationship develops.
The questions that matter
The payments market is constantly evolving powered by developments in digital, CBDCs, and AI to name just a few initiatives. As the changing market sees customer expectations shift, new technologies employed and regulatory change - the same three questions
should guide us:
- Is it simple?
- Is it secure?
- Above all, is it good for society?
If the answer to all three is yes, we’re building a payments landscape that shapes a stronger future.