Paying bills is a universal experience. However, as the world is undergoing a rapid digital transformation, multiple fintech solutions arise, and so do advanced cases of fraud. This makes many consumers wonder - which method is the safest and most efficient for invoice payments?
The global payment arena is a highly dynamic environment that requires players to be agile, adaptable, and resilient. One example of a country juggling multiple grand projects to stay ahead of the game is the UK, which is actively pursuing the migration of its technological platforms to the ISO20022 standard while navigating the intricacies of being one of the world’s busiest fintech hubs.
Thanks to Apple Pay’s open banking integration that was soft-launched in September 2023, users across the UK can now enjoy an innovative feature in the Wallet app. But what exactly is it all about, and how can consumers benefit from it? This guide is here to answer all the burning questions!
Buy Now, Pay Later (BNPL) services are currently experiencing their golden age, with the global total payment volume reaching a staggering $309.2 billion. What’s more, the interest toward them is forecast to continue growing, as the number of BNPL users worldwide is set to double, hitting 900 million by 2027, and the industry’s overall size is anticipated to sum up to $3.7 trillion by 2030.
The African continental market boasts a collective GDP of approximately $3.4 trillion and a population of over 1.3 billion people. Yet, it also features only 18% of intra-regional trade transactions, which is the lowest index in the global arena, presenting a stark contrast to Europe’s 70% and Asia’s 59%.
The pace of the evolution of commerce has exceeded the expectations of most experts and industry observers from a few decades ago. Think about it: the first POS terminal was developed in 1973, and already today, traditional and digital payment channels intersect, transactions are processed in real time, and it’s enough for a merchant to have a smartphone to facilitate purchases.
The retail sphere has been experiencing drastic changes over the past years, following the global pandemic. What’s more, this sector is generally never stagnant, as it evolves alongside technological progress and consumer needs. Thus, for merchants to ensure their business remains successful in the long run, it is crucial to keep up with the latest trends and continuously adapt their operations.
Fintechs are actively revolutionizing the traditional financial services landscape by developing innovative solutions in response to evolving consumer and business needs. One of the most prominent examples of the transformations they are driving is the digital payments sphere, which is rapidly embracing AI & ML, blockchain, and the idea of cashless societies.
Over the past years, we have witnessed the term “generative AI” quickly become a buzzword. Artificial intelligence is now being actively integrated into virtually every sphere of life, with commerce and payments being no exception. From chatbots and fraud detection to personalized marketing and dynamic pricing, businesses are sure to continue opting for AI-based solutions.
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