The last decade for payments has been extraordinary and the narrative surrounding payments is shifting. Over the next decade, payments will continue to connect people, devices, homes, cars and avatars spanning physical, digital and virtual worlds. No longer just financial transactions, the payments industry is today a comprehensive ecosystem of financial and lifestyle services and a network of connectivity and data exchange.
The first of these is the rise of so-called ‘super apps.’ Already, these, are a destination platform for consumer and merchants to aggregate a range of services and financial tools, have attracted global payment volumes of around $36 trillion, in the process massively disrupting traditional retail models and reshaping the world’s banking and financial systems.
Another significant trend that is set to shape payments is the rapid rise of e-commerce as the new business norm.. The ultimate goal of organisations that are embracing this e-commerce trend is to build a seamless and secure customer experience that spans a range of platforms. Trend analysts predict that this may culminate in a universal digital identity verification service that could revolutionise the way we think about data and personal identity..
While all of these trends will undoubtedly transform payments globally in 2024 and beyond, one trend is set overshadow them all. From connected cars to wearables, the devices we use daily are rapidly becoming our new payment platforms. A decade ago, it would have been difficult to imagine using your watch to pay for your groceries or having your car automatically settling your tolls.
By 2025, revenue in these spaces is expected to reach $390 billion and, as we move rapidly towards widescale acceptance of the metaverse, the evolution of a second, entirely virtual, economy seems inevitable. It’s exciting to believe that just a few short years ago, the only way to move money on the same day was to deliver it yourself. Today, real-time digital payments and transfers, that are secure and virtually cost-free are a reality. And we’re only seeing the very tip of the iceberg.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.