Item: Ghost-written Article in Asian Business Journal

Extract: Introduction to changes in payments industry

[Begins...]

The payments industry is experiencing dramatic growth. Technological advancements in the last decade have led to greater use of cards and electronic payment mechanisms in areas traditionally reserved for cash and cheques. Additionally, more and more payment channels are available: purchases are increasingly made over the Internet, from mobile telephones and PDAs, and from digital television set-top boxes.

There will be US$42 billion of e-payments made this year, almost doubling the 1999 figure; the figure is likely to double again by 2003. Payment providers have little time to bring to market the products that will garner their share of the revenue streams generated by new payment channels. And competition is fierce.

Banks, which top the list of the industry's traditional players, see the opportunity to expand their total share of financial transactions. But they face the threat of newcomers such as telecommunication companies. As in the advent of any new era, it is difficult to identify the best path forward. In this dynamic environment, building the correct strategy on a futureproof technological platform requires a clear view of business goals and well-chosen partnerships.

[...]