With the year coming to a close we take a look at 12 trends of the payments sector for Christmas and beyond!
Day 1
Growth of embedded finance: “Expected to reach highs of $230 billion in 2025 embedded finance will see a 10x growth since 2020” – Forbes.
Day 2
In time… real-time: A focus for the last few years, payments sectors will move further toward real-time authentication, data-gathering and analysis, and faster payments.
Day 3
The rise of untapped markets and emerging economies: Emerging and developing economies will become increasingly involved in e-commerce, leaning on payment gateways to reach internationally-based customers.
Day 4
A prioritisation toward merchant flexibility: Merchants in developing and developed markets will require more flexibility from payment gateways to facilitate a rise in alternative finance payment methods such as open banking and BNPL.
Day 5
Banking for the unbanked: Further targeting of the unbanked with new products to minimise the number of people without access to a bank accounts or a wallet/payment method that they can use to digitalise their life.
Day 6
Diversified fraud prevention protocols: The payments sector will need to diversify fraud prevention systems to incorporate alternative finance.
Day 7
Crypto payments facilitation: In accordance with consumer and merchant demands, crypto payments will become further incorporated into e-commerce, with payment gateway providers facilitating this dynamic.
Day 8
Alt-fi and Trad-fi technology conversion: Traditional financial services and institutions will continue to adopt digital asset technology, such as blockchain, for settlements, reconciliations, and clearances.
Day 9
Merchants demand data & transparency: In an effort to better understand their ever-changing businesses, merchants will require a transparent and control-giving platform to analyse their e-commerce financial flows.
Day 10
Policy standardisation sector-wide: Frameworks and policy-makers will increasingly standardise the protocols, systems, and practices of financial services, ranging from trad-fi legacies to alt-fi contenders and payment gateways.
Day 11
Tackling risk protection: As more data is collected and data-driven algorithms are updated the payments sector will move toward lower risk rates. While risk will remain a hot topic in 2023, advancements will occur that make e-commerce safer for business and consumer.
Day 12
A (more) equal payments sector: Lastly, female thought leaders within the payment industry are finally finding a space to share their gender-based experiences in our sector. A wholly positive development, we’re looking forward to seeing payments gradually reduce the gender gap and appeal more to young females with an interest in financial services.
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- Source: https://www.finextra.com/blogposting/23455/the-12-trends-of-christmas-the-payments-sector?utm_medium=rssfinextra&utm_source=finextrablogs
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