Europe rises up the payment innovation rankings

Asia may still lead the way in payment innovation, but Europe is hot on its heels according to the latest survey by the Global Payments Innovation Jury.

The Global Payments Innovation Jury surveys 70 executives from 37 countries every year to track where payment innovation is racing, and where it’s lagging.

Asia has held the top spot since the inaugural survey in 2008. While the ‘China effect’ plays a key part in the region’s dominance, other nations like Singapore, Malaysia, Japan and South Korea are playing an increasingly important role.

This year – for the first time in nine years – Europe has jumped from sixth to second place in the rankings, passing Africa, North America and Latin America.

The surveyed executives noted that Europe’s increasingly progressive regulatory environment, world-class innovation hubs in cities like London and Berlin, and a willingness by consumers to embrace new service providers have created a real tipping point for the region.

However, Europe still has a long way to go if it wants to challenge Asia’s crown. Where much innovation in Europe comes in the B2B space, in Asia, where there is a vast population without access to formal financial services, the B2C market and appetite for new ways to pay is huge, and far outweighs Europe’s.

It will be interesting to see how Europe’s changeable political and legislative landscape and China’s slowing economy impact on next year’s survey results.