Closed loop and A2A services are the top priority for payment firms in 2022, according to data from VIXIO.
In Brief:
Over half of US and UK payments companies are planning to launch a closed-loop payment system this year.
Closed loop payments involve prepaying money onto a card to be used at a certain merchant (like a store gift card).
The next most popular developments were account-to-account payments and e-wallets and digital currencies.
What does this mean?
The 2022 Payments Compliance Outlook report shows what payments companies are prioritising in 2022, with 61% planning to have a closed loop solution developed by 2023. The report also suggests that there is increasing demand for alternative payment solutions due to the rise of open banking, and increased regulatory scrutiny on the card payments market.
