Noncash payments are swelling, driven by smartphone penetration encouraging digital commerce, regulation pushing users away from cash, and globalization demanding faster payment speeds and new ways to transact. As a result, the payments ecosystem is crowding, making it harder for legacy firms to maintain their positioning, while also challenging new entrants to break through the noise. That disruption, along with the ongoing, fast pace of change, will necessitate payments firms to undergo four key transformations — diversification, consolidation and collaboration, data protection, and automation — to stave off threats to scale and user experience. The firms that do so successfully and find new ways to grow business, without losing their core value in the face of ongoing change, will emerge at the forefront of a shifting ecosystem.

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