Must Read! 5 Major Trends for the Future of the Payment Industry

5 Major Trends for the Future of Payment Industry - Must Read!

Consumers cannot live without payment in daily life, and enterprises cannot operate stably without payment. Payment is an important pillar of the global economy. In the context of economic globalization, changing customer expectations and innovation promoting technological progress, while fierce competition in the market is driving reform and innovation in the payment industry, payment-related infrastructure is an important part of the rapid transformation of enterprises in recent years. In this article, I will introduce the five main driving factors for the transformation of the payment industry.

1. Present a new cashless world

According to the “World Payment Report” survey, since the outbreak of the epidemic, the proportion of respondents whose e-commerce consumption accounts for half or more of their monthly expenses has increased by 24%. According to data from Statista, it is expected that by 2026, 91% of the world’s population will have smartphones. After experiencing the speed and convenience of smartphones, they are less likely to expect to return to traditional cash transactions. More and more people will realize that digital payment is a better, faster, safer, and more convenient financial service.

Data source: eMarketer

2. Demand for payment speed

As we all know, both consumers and enterprises attach great importance to transaction speed, and the demand for real-time transactions is driving and affecting cross-border payments, international remittances, and e-commerce. In the past, reflecting the immediacy of cash transactions through electronic means was a continuous and complex technological challenge. Now, both banks and third-party financial institutions mostly have real-time clearing and settlement facilities, which makes the speed of payment processing almost real-time for enterprises.

3. Embedded payments will be popular

Embedded finance, which refers to financial products being added into non-financial platforms’ transaction flows, has been a hot topic in the financial services industry for several years. As the industry begins to embrace the trend of embedded finance, many companies outside of traditional financial organizations are starting to offer financial services related to their existing products. According to research and market data, the embedded payments industry is expected to grow from $124.7 billion in 2022 to $380.5 billion in 2029.

4. More payment data

The various digital touchpoints involved in the cashless payment ecosystem provide a wealth of data that is of significant value for banks and fintech companies to analyze and break down customer relationships. According to analysis, enterprises can use powerful AI tools to unleash payment activity data, which can provide more efficient and personalized products in a safer and more protected environment.

5. A safer payment environment

The rapidly developing e-commerce industry brings convenience to people but also provides opportunities for online fraudsters. In the future, payment companies will be able to understand customers’ financial habits through more secure and intelligent guarantee facilities to detect and avoid abnormal behavior earlier. According to predictions, future anti-fraud security measures may include voice-activated transactions, biometric identity verification, and intelligent assistant payment verification, all of which can play an important role in ensuring digital payment security.

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