So innovation is proceeding. It would seem premature to expect that we have seen the apogee of technological development in the payments space. More likely it will continue, in ways that are impossible to predict, but are likely to be “disruptive” – the adjective of choice these days. But there is a key caveat here.
Innovation in the payments system is not just a matter of technology – as remarkable as the extent of technological advance has been. We have had rapid innovation in areas where individual entities can innovate on their own, or where a central scheme has the capacity to push innovation out to its members and/or users.