Resources & Downloads


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Welcome to Paymentgal’s  open source for publicly available research, white papers and presentations on a wide variety of payments topics.  Check back regularly for new resources and downloads added to this page.

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World Economic Forum – The Future of Financial Infrastructure

From the WEF website:  The report builds upon the findings from Deloitte/World Economic Forum report Disruptive Innovation in Financial Services and looks at the impact of implementing distributed ledger technology across nine sectors of financial services. Our findings suggest this technology has the potential to “live-up to the hype” and reshape financial services, but requires careful collaboration with other emerging technologies, regulators, incumbents and additional stakeholders to be successful.

World Economic Forum - The Future of Financial Infrastructure, 2016


Bank of Canada:  On the Value of Virtual Currencies

From the Abstract:  This paper develops an economic framework to analyze the exchange rate of virtual currency. Three components are important: first, the current use of virtual currency to make payments; second, the decision of forward-looking investors to buy virtual currency thereby effectively regulating its supply); and third, the elements that jointly drive future consumer adoption and merchant acceptance of virtual currency. The model predicts that, as virtual currency becomes more established, the exchange rate will become less sensitive to the impact of shocks to speculators’ beliefs. This undermines the notion that excessive exchange rate volatility will prohibit widespread use of virtual currency.

Bank of Canada: Valuation of Bitcoin


Deloitte – Making Blockchain Real for Customer Loyalty Rewards Programs

From the Introduction:  We at Deloitte believe that blockchain, as a distributed ledger with a fundamentally new way to transact and maintain records in a secure, trustless, digitized interlinked network, will eliminate many inefficiencies. We will discuss how it will reduce costs while benefiting the needs of different types and sizes of loyalty rewards programs, all while significantly improving customer experience by allowing customers to access most, if not all, of their loyalty rewards programs in one digital wallet.


MIT – Three Excerpts from Reports on Blockchain and Financial Services, Infrastructure, and Transactions

MIT-Blockchain-and-Financial-Services.pdf MIT-Blockchain-and-Infrastructure.pdf MIT-Blockchain-Transactions.pdf


Federal Reserve Bank of Boston – The Effect of Demographics on Payment Behavior: Panel Data with Sample Selection

From the Abstract:  Today’s consumer has access to more payment instruments than consumers of just a few years ago, as newer electronic payments are penetrating an established payments market, while older methods, such as cash and checks, remain important payment alternatives. As the number of available payment methods increases, so does the need to understand why consumers adopt certain payment instruments, how consumers choose to pay for purchases, which consumers make certain payments, and who is most affected by changes in the payment system.

The Effect of Demographics on Payment Behavior


Federal Reserve Bank of San Francisco:  State of Cash, Diary of Consumer Payment Choice, 2015 (preliminary)

From the Executive Summary:  As the payments landscape evolves, cash remains a unique, resilient, and heavily used consumer payment instrument. Still, with new payment options and ways to shop, consumers are adapting how they view and use cash. The Diary of Consumer Payment Choice (Diary) serves as the Cash Product Office’s (CPO) primary data source on consumer payment behavior. Insights from the Diary, and other data sources, help the CPO understand the role that cash will play in the future. This research helps the Federal Reserve (Fed) fulfill its objectives of maintaining confidence in U.S. currency and promoting a safe and efficient payment system.

Diary of Consumer Payment Choice 2015



TLT:  Digital banking: from revolution to evolution

From the Introduction:  Technology is changing how banks engage with customers and each other more profoundly than anything has altered them in hundreds of years. The shape of established retail banks especially
is shifting, spurred on by the challenge from fast, focused digital new entrants who are chipping away at revenue streams.

We surveyed 145 senior IT decision-makers from a wide range of financial institutions, from the largest retail banks to niche service providers. The results demonstrate that nobody should write-off the major players with their vast reach, status and economic significance. Quite the contrary. They show every sign of being up for the fight.

NOTE:  This report addresses the UK market.

Digital Banking From Today to Tomorrow

Federal Reserve Bank of Cleveland:  New Insights on Online Lender Applicants from the Small Business Credit Survey

From the Overview:  How do small businesses that apply to online alternative lenders compare to those that apply to traditional financial institutions only? And in what ways do their experiences with lenders differ? This analysis draws from data in the Federal Reserve’s 2015 Small Business Credit Survey to examine these questions. Among the main findings: Firms using online lenders tend to be smaller, younger, and less profitable than firms using traditional lenders, and are more likely to be minority-owned. Furthermore, firms that sought credit from online lenders reported lower overall approval rates—despite the perception among many small-business owners that they have a higher chance of being funded by an online lender. Finally, successful applicants reported lower levels of satisfaction with their online lenders, citing in particular concerns with high interest rates.



JP Morgan Treasury Services:  Corporate T&E Benchmarks

From the Introduction:  In this summary, we are pleased to present some highlights from The 2009 Corporate Travel Card Benchmark Survey Results, written by Richard Palmer, Chair of the Accounting and MIS Department at Southeast Missouri State University, and Mahendra Gupta, Professor of Accounting and Management at the Olin School of Business at Washington University. Widely considered experts in travel payment, the authors have been publishing their research results since 2004.



Fung Global Retail & Technology:  The Silvers Series IV: Retail Reconfiguration for Seniors

From the Introduction:  The value of seniors to retailers is mixed. In the US, households consisting of those ages 65–74 direct a substantially greater share of their total spending to retail categories than the average household does, but 75-and-older households direct a lower share than average toward retail.

This is the fourth report in our series on consumers aged 65 and older and their impact on economies, industries and companies worldwide. 

Retail Reconfiguration for the Silver-Generation- Fung Global 2016.

PaymentsUK:  World Class Payments-A Report On How Consumers Around the World Make Payments

From the Foreword:  Without a doubt the UK can claim to be world class when it comes to the range of payments
customers can choose to use.  However ironically some of the most cutting edge innovations have happened in emerging markets where retail banking infrastructure is behind the UK’s, and customers without bank accounts in these areas have been quick to embrace technology, particularly mobiles.  The growth of the middle class and expanded consumer activity in emerging markets represents vast untapped opportunities for payment service providers, particularly those providing mobile money applications, because mobile penetration in these regions tends to be high. 

World Class Payments

IPSOS:  The Millennial Influence

From the Introduction:  This report looks at Europe,and our next will examine the views and
behaviours of millennials in South East Asia. Our purpose is to understand how millennials feel about how they pay and are paid, and, in particular, to take their temperature with regards to mobile payments, the next major development in banking and one in which are heavily invested.



The Paypers: Ecommerce Payment Methods Report 2016

From the Introduction:  The exponential growth of cross-border ecommerce has precipitated the rise of (alternative) payment methods. There is an endless number of payment methods to match all payment contexts (pay in advance, pay afterwards and payment and delivery are at the same time). Choosing the right payment method per payment context, vertical, and country is a key enabler to online sales conversion.

Furthermore, we acknowledge a need for a common framework of payment terminology. How could we distinguish among the 300 plus payment methods being offered by PSPs? How do payment instruments relate to online payment methods? What payment methods categories can be discerned? What are the technicalities, and how are merchant and consumers protected against fraud?

This Report, published by The Paypers, the leading one stop shop for insights into payments and commerce, aims to create a standardised terminology and framework of discourse, as well as to provide you with the invaluable insights into the state of affairs of the payment world today and tomorrow.

Ecommerce Payment Methods Report 2016

PPRO:  Payments & E-Commerce Report, Western Europe 2016

From the Introduction:  This report presents a snapshot of the state of e-commerce in Western Europe as it is in 2016. It covers the 12 biggest markets in the region, which between them make up 87% of its total e-commerce turnover. In it, you’ll find insights into the characteristics and behaviour of the Western Europe’s 247 million online shoppers.

PPRO Western Europe 2016.pdf


Capgemini and LinkedIn:  World Fintech Report 2017

From the Preface:  In our inaugural Capgemeini and LinkedIn World FinTech Report  (WFTR), in collaboration with Efma, we address these important questions.  Backed by a survey of more than 8,000 customers in 15 countries, as well as over 100 interviews with senior-level executives, and a world-class Executive Steering Committee, this report goes beyond the hype of FinTech.  We look toward the future of ‘Fin’ancial and ‘Tech’nology by diving deeper into how leading firms are successfully applying innovation, while also providing precise recommendations and discussing whether we will witness a fundamental shift in business models. 

Capgemini World FinTech Report 2017

Citi GPS: Digital Disruption-Revisited

From the Preface:  2016 was the year when the Chinese FinTech dragons roared and some previously feted Western
FinTech leaders wilted. In our first Digital Disruption GPS report, we argued that China was very important to the FinTech story (March 2016, link here). In this follow-on report, we follow the venture capital (VC) and corporate investments money trail to revisit the theme of the Chinese FinTech dragons as they roar at home and expand overseas.

In this report we also take a look at how different the FinTech evolution has been in the West: (1) the U.S. pivoted to InsurTech in 2016; and (2) two of the largest U.S. FinTech VC funding rounds in 2016 were in the health insurance space. Big data, the Internet of Things (IoT), and wearable devices, among other trends, will help insurance companies use FinTech to be more creative and customized. So far the InsurTech focus is more about improving distribution efficiency and user experience, as with much B2C FinTech in general.

Digital Disruption-Revisited: Citi GPS 2017

Deloitte:  Global Fintech Hubs, 2017

From the Methodology:  The Connecting Global FinTech: Hub Interim Review 2017 is published by Deloitte in collaboration with the Global FinTech Hubs Federation and builds on the initial analysis and research undertaken for the Connecting Global FinTech: Hub Review 106.  The report takes into account both hard and soft data to compare the status of 44 global hugs (“Hubs”) on the basis of the FinTech sector development in that location.



Brookings Institution:  Financial and Digital Inclusion Project Report 

From the Executive Summary:  The Brookings Financial and Digital Inclusion Project (FDIP), launched in summer 2014, examines access to and usage of secure, affordable formal financial services among underserved populations. The objective of FDIP is to provide policymakers, the private sector, representatives of non-governmental organizations, and the general public with information that can help improve financial inclusion in their respective countries and beyond. As part of this aim, the FDIP team produces an annual report and scorecard evaluating commitment to and progress toward financial inclusion across a set of geographically, economically, and diverse countries.

2016 Global Financial Inclusion Report - Brookings Institution

G-20 High Level Principles for Financial Inclusion

From the Introduction:  The G20 stands at an unprecedented time when our leadership has the potential to drive the growth of inclusive economies by promoting digital financial services. Two billion adults globally do not have access to formal financial services and are excluded from opportunities to improve their lives. While tremendous gains in financial inclusion have already been achieved, digital financial services, together with effective supervision (which may be digitally enabled), are essential to close the remaining gaps in financial inclusion.
Digital technologies offer affordable ways for the financially excluded—the majority of whom are women—to
save for school, make a payment, get a small business loan, send a remittance, or buy insurance.

The 2010 G20 Principles for Innovative Financial Inclusion spurred initial efforts and policy actions. These 2016 High-Level Principles for Digital Financial Inclusion build on that success by providing a basis for country action plans reflecting country context and national circumstances to leverage the huge potential offered by digital technologies.

G20 High Level Principles for Digital Financial-Inclusion

MasterCard:  The Road to Inclusion (Survey)

From Introduction:  Financial exclusion defines those who are currently not able, or not willing, to fully participate
in the banking services offered in their country. According to the World Bank, there are currently 138.6m people in this situation in Europe alone. This report revisits and expands upon the initial findings of Mastercard’s 2013 ‘Road to Inclusion’ research, conducted with the support of Ipsos MORI, whereupon the causes and effects of financial exclusion were explored using both quantitative and qualitative research methods. Mastercard was interested in further uncoveringthe reasons for financial exclusion, and what can be done to overcome them. The research focused on those without any access to formal banking services, and those who are financially underserved (i.e those who have some degree of bank account, but no access to any form of electronic payment
method). These categorisations combine to form the financially excluded.

Road to Inclusion: MasterCard Financial Inclusion Survey 2016


BSA Country Report:  China (2015)

From the Introduction:  This year’s report notes that China imposes a range of onerous local certification and accreditation requirements that are in addition to (and often inconsistent with) international cybersecurity standards and general IT standards. The Chinese government regularly publishes lists of approved products for cybersecurity, including encryption products, anti-virus software and even basic operating systems. These lists exclude some organizations and products that have met international standards. China also imposes local testing requirements for telecommunications and IT products that include cybersecurity products.


FCA Credit Card Market Studies: International Comparison – 2015

From the Introduction:  During the credit card market study, we have looked to other countries principally to draw some lessons as to how other jurisdictions have sought to address issues giving rise to concern and what measures (pre-emptive or otherwise) have proven successful.

The following countries were selected for our review: Australia, Canada, China, France, Mexico, Singapore, South Korea, Spain, Taiwan and United States.


BCG:  Digital Payments 2020-The Making of a $500 Billion Ecosystem in India

From the Executive Summary:  Digitization of payments presents a large opportunity in the Indian context.  It is esteimated that the total payments conducted via digital payment instruments will be in the range of USD500 billion by 2020, which is approximately 10X its current levels.  Person to merchant (P2M) transactions driven by digital payments at the physical point of sale, followed by business to business (B2B) and peer to peer (P2P) transactions are expected to be major contributors of growth.

Digital Payments 2020 - India Market - BCG/Google

Payments UK:  World Class Payments:  How Consumers Make Payments Around the World

From the Foreword:  In our recently published World Class Payments Report we took an evidence-based approach to understand what different customers want from payments and what the UK needs to provide in order to stay world class.


Better Than Cash Alliance:  Social Networks, e-Commerce Platforms, and the Growth of Digital Payment Ecosystems in China: What It Means for Other Countries

From the Introduction:  This report examines two of China’s most far-reaching applications – WeChat and Alipay – and explores their role in the development of one of the world’s largest and most sophisticated digital payments ecosystems. The report illustrates how incorporating digital payments
into existing services has unlocked economic opportunities for hundreds of millions of users, including through low-risk savings accounts, new credit assessment and lending services, and by opening up new markets for micro, small, and medium enterprises.



Smart Card Alliance – Contactless EMV Payments: Benefits for Consumers, Merchants and Issuers

From the Introduction:  This white paper addresses current questions about the adoption of contactless payments, including: how it fits into today’s payment industry; what is currently different from earlier adoption attempts; and why now is the ideal time to go contactless. The white paper focuses on mass adoption of contactless EMV
payments using both cards and NFC-enabled mobile devices, which leverage the EMV chip transaction infrastructure currently being implemented in the U.S. It describes the benefits of contactless payments for consumers, issuers and merchants, outlines the benefits of dual-interface card issuance for issuers and summarizes implementation considerations. The goal of the white paper is to provide a fresh look at contactless payments in the current U.S. payments environment that is embracing both EMV and NFC enabled mobile devices.

Smart Card Alliance - Contactless 2.0

MIT:  Mobile and Money Payments Report

From the Introduction:  We will explore, in this paper, the terrain of mobile money and payments technology, the dynamics of the current system, and potential future areas for innovation.



The Review of Banking and Financial Services:  The 2015 Card Act Report

From the Abstract:  The CFPB’s recent biennial report on the consumer credit card market, pursuant to the CARD Act, includes data on the market and the Bureau’s concerns with certain practices relating to credit card accounts. The authors summarize the Bureau’s data on consumer credit card use, and the cost and availability of credit. They then turn to concerns expressed by the Bureau relating to deferred interest products, reward programs, readability of card agreements, and disclosures. They close with areas listed by the Bureau for continuing study and a caution that issuers should be aware of the Bureau’s concerns and take steps to mitigate those concerns.


The 2015 Card Act Report

Federal Reserve Bank:  2015 Debit Fees Survey (Durbin Amendment Biennial Report)

From the Introduction:  The Electronic Fund Transfer Act requires the Federal Reserve Board (Board) to biennially publish data on costs incurred, and interchange fees charged or received, by debit card issuers and payment card networks.1 The Board conducted its first data collection in 2010, collecting data from payment card networks and issuers for calendar year 2009. The information from the first data collection assisted the Board in developing Regulation II and was included in a report published in June 2011.2 The second report, published in March 2013, summarized data for the calendar year 2011.3 The third report, published in September 2014, summarized data for the calendar year 2013. The present report is the fourth report in the series, and summarizes data for the calendar year 2015.

Federal Reserve Debit Fees Survey 2015

Raphael’s Bank: Direct Benefits:  How Fintechs Can Leverage Open Access for Payments Innovation

From the Foreword:  The purpose of this paper is to explore the access options available to PSPs looking to innovate in payments, including the direct agency model, and to set out the steps they must take to turn their aspiration to leverage the UK’s real-time payments infrastructure into a reality.



Points:  The State of Mobile Wallet Loyalty and Engagement 2016

From the Introduction:  The State of Mobile Wallet Loyalty and Engagement in 2016 gets inside U.S. consumers’ heads to uncover pain points with mobile wallets. It also offers insights into ways loyalty programs, developers
and merchants can leverage mobile wallets to drive engagement with their brands. For this study, Points
surveyed 1,500 U.S. consumers who are members of at least one loyalty program to get a better understanding of what the average consumer wants from their mobile wallet, and which features will help encourage continued use and engagement.

State of Mobile Wallet Loyalty and Engagement 2016