Payment services are in the frontline of the ongoing digital technology revolution. Financial technology (FinTech) companies are breaking boundaries and offering services such as digital cash, cognitive systems and distributed ledger technology to offer customers a more streamlined, user-friendly and cost-effective experience. Some traditional financial institutions are partnering with FinTech firms in an effort to be part of the digital revolution rather than be left behind. But such partnerships and experiments with financial technology products and services need to be managed carefully. This article discusses the current and future state of the payments innovation environment, key change drivers, disruptors, and considerations for a strategic transformative journey which balances speed of innovation with risk.