The complexity and importance of the payments ecosystem worldwide has significantly increased in recent decades. Due to improved technologies, new customer requirements, and updated legislative regulations, innovative payments are gradually replacing traditional cash payments, increasing the value and volume of digital transactions and becoming the mainstream payment mode. Blockchain, contactless applications, wearable devices, artificial intelligence, open banking economy, and the customer centrality in the payment process foster an unprecedented development in the payments sector. Therefore, in the last few years, the payments market has been characterized by the proliferation of new players. The study represents the attempt to organize the scientific knowledge on the intersection between the innovative payments and startups phenomena by addressing their constituting elements in a literature review and monitoring the payments startups at the international level with an empirical analysis. An overview of the current state of the digital payments market is illustrated, developing comparisons with the previous years. Every startup is analyzed through a unique framework and classified to provide a complete overview of the topic. Insights are proposed exploiting charts and tables to summarize the available information. The analysis of innovative payments startups is provided, highlighting the development directions, analyzing the most exciting projects, and describing the services provided, fundings received, and business models. The significant findings identify three main driving enablers towards the transition of digital payments, the relevance of mobile wallets in the new ecosystem in terms of the number of startups and fundings received, the dominance of the United States in the payment startups development and investments, the marginal role of the PSD2 legislation to improve the payment ecosystem in the European Union and the recognizing of prominent payment tools and services. Furthermore, the analysis outcomes are combined with comparisons between different scenarios and a comprehensive discussion about historical trends and future dynamics.
La complessità e l'importanza dell'ecosistema dei pagamenti a livello mondiale è aumentata notevolmente negli ultimi decenni. Grazie al miglioramento delle tecnologie, alle nuove richieste dei consumatori e all'aggiornamento delle normative legislative, i pagamenti innovativi stanno gradualmente sostituendo i tradizionali pagamenti in contanti, aumentando il valore e il volume delle transazioni digitali e diventando la modalità di pagamento tradizionale. Blockchain, transazioni senza contatto, dispositivi indossabili, intelligenza artificiale, l’economia bancaria aperta e la centralità dei clienti nel processo di pagamento, favoriscono uno sviluppo senza precedenti nel settore dei pagamenti. Pertanto, negli ultimi anni, il mercato dei pagamenti è stato caratterizzato dalla proliferazione di un numero enorme di nuovi attori. Lo studio si propone di inquadrare il concetto di startup innovative nel settore dei pagamenti, affrontando gli elementi costitutivi, tramite una revisione della letteratura, e realizzando un'analisi empirica dei servizi offerti, monitorando le startup di pagamento a livello internazionale. Ogni startup è analizzata attraverso un framework univoco e classificata in modo da fornire una panoramica completa dell'argomento. Viene illustrata una panoramica dello stato attuale del mercato dei pagamenti digitali, sviluppando confronti con gli anni precedenti. Gli approfondimenti vengono proposti sfruttando grafici e tabelle per rappresentare al meglio le informazioni disponibili. Viene fornita l'analisi delle startup innovative a pagamento evidenziando le direzioni di sviluppo, analizzando i progetti più interessanti, e descrivendo i servizi erogati, i finanziamenti ricevuti e i modelli di business. I principali risultati sono l'identificazione di tre principali fattori abilitanti la transizione verso i pagamenti digitali, la rilevanza del mobile wallet nel nuovo ecosistema in termini di numero di startup e finanziamenti ricevuti e il dominio degli Stati Uniti nello sviluppo e negli investimenti delle startup di pagamento. Inoltre, l'analisi dei risultati è combinata con confronti tra diversi scenari e una discussione completa sulle tendenze storiche e sulle dinamiche future di sviluppo.
The international scenario of innovative payments : an empirical analysis of digital startups
Pasquali, Alessandro
2020/2021
Abstract
The complexity and importance of the payments ecosystem worldwide has significantly increased in recent decades. Due to improved technologies, new customer requirements, and updated legislative regulations, innovative payments are gradually replacing traditional cash payments, increasing the value and volume of digital transactions and becoming the mainstream payment mode. Blockchain, contactless applications, wearable devices, artificial intelligence, open banking economy, and the customer centrality in the payment process foster an unprecedented development in the payments sector. Therefore, in the last few years, the payments market has been characterized by the proliferation of new players. The study represents the attempt to organize the scientific knowledge on the intersection between the innovative payments and startups phenomena by addressing their constituting elements in a literature review and monitoring the payments startups at the international level with an empirical analysis. An overview of the current state of the digital payments market is illustrated, developing comparisons with the previous years. Every startup is analyzed through a unique framework and classified to provide a complete overview of the topic. Insights are proposed exploiting charts and tables to summarize the available information. The analysis of innovative payments startups is provided, highlighting the development directions, analyzing the most exciting projects, and describing the services provided, fundings received, and business models. The significant findings identify three main driving enablers towards the transition of digital payments, the relevance of mobile wallets in the new ecosystem in terms of the number of startups and fundings received, the dominance of the United States in the payment startups development and investments, the marginal role of the PSD2 legislation to improve the payment ecosystem in the European Union and the recognizing of prominent payment tools and services. Furthermore, the analysis outcomes are combined with comparisons between different scenarios and a comprehensive discussion about historical trends and future dynamics.| File | Dimensione | Formato | |
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https://hdl.handle.net/10589/183937