It’s 2008 and as we have each year, Transaction Trends is looking forward to what the next 12 months may bring. We’ll also be taking a look at how last year’s forecast turned out.
Certainly, there were plenty of surprises in 2007, including the purchase of First Data by Kohlberg Kravitz & Roberts (KKR) and Morgan Stanley’s decision to spin off Discover Networks. And if there is anything that can be guaranteed for 2008, it’s that more surprises are in store.
As to last year’s forecasts, many of them turned out to be pretty close to the mark. Cash advance products and prepaid products grew in importance. Security and compliance issues also rose to the top of everyone’s list of critical topics.
There were continuing structural changes in the payments industry, as expected, because the competitive nature of the business manifested itself time and time again at every level. Differentiation has now become the goal for ISOs and it may become more important if the troubles in the housing market begin to erode consumer confidence and transaction volumes begin to slip.
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