The speed of technological advances and consumer expectations are the primary drivers of the evolution of the payments industry, notes Visa Europe's second edition of The Future of Technology and Payments report. The original report identified seven technology-related topics and discussed the likely impact on payments. Two years on, this follow up builds on the existing themes and charts their evolution over the next three-to-five years. The report goes on to discuss the consequences for the way that payment services are delivered, managed and processed.

It concludes with three key findings: Consumers are willing to share personal data with businesses if it means they receive valuable, easy and frictionless services in return; Businesses must work together to share consumer insights if they are to meet the growing expectation of personalised services; Cultural divides between old and new technologies must be bridged in order to foster business success and meet consumer demand

Adam Banks, chief technology officer and head of IT at Visa Europe, says: "At Visa Europe we believe that the future of technology and the future of the payments industry are irrevocably bound. This report highlights that consumers are embracing technological advancements in payments and pushing the ecosystem to deliver increasingly new technologies, especially in the payments space. These new developments, in both the mobile and online payments space, have attracted serious venture capital funding, and investment look set to continue. We are excited about the opportunities the future holds but we are also aware of the pressures that are arising for providers and business, such as Visa Europe, as they attempt to integrate new technologies into more established businesses. However, despite tough economic conditions we believe that innovation will flourish."

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