Today’s payment landscape offers users a wide array of alternatives to choose from. Among this variety of options, transactions employing NFC chips and QR codes have become particularly popular over the past few years. What’s more, as we navigate through 2024, we can expect the competition between these two contactless technologies to intensify even further.
Modern society is becoming increasingly aware of the faults of the past and is focusing on building a better world with core values at its foundation. In the payment sphere, this tendency translates to shaping a financial landscape that embodies transparency, fairness, and accessibility. Yet, the journey toward providing inclusive financial services to every individual is a challenging one.
As 2024 approaches, it can be tempting to start looking into payment industry predictions. Yet, before delving into future trends and developments, it is crucial to review the past year’s valuable lessons. In fact, one of the most important questions that can be asked during such a reflection is: “Did the industry trends match the experts’ predictions given at the beginning of 2023?”
Now that the payments landscape is abundant with innovative digital solutions that require nothing but a smart device at hand to make a purchase, many begin to wonder: are debit and credit cards becoming outdated?
An increasing number of jurisdictions across the globe are beginning to recognize the potential of Central Bank Digital Currencies. In recent years, we have seen countries like Sweden, Nigeria, the UK, and the Bahamas, to name a few, roll out their CBDC initiatives. And, based on the latest news, the UAE is ready to join this list, with the first phase of its Digital Dirham project going live in mid-2024.
Nowadays, running a business entails way more than simply attracting clients and ensuring continuous sales. Modern company owners face a variety of considerations that sometimes can be difficult to balance simultaneously. For instance, how do you ensure a convenient payment flow for your clients while keeping it as sustainable as possible?
The modern payments landscape is continuously undergoing major transformations that never fail to impress. Think about it: in 2021, most people couldn’t even imagine that an iPhone would be used as a POS in business operations. Besides, until BNPL caused a revolution during the pandemic, the only widely accepted way to pay for products and services in parts was by using a credit card.
Latin America is a promising market that is undergoing major shifts. Currently, its evolution is driven by digitization, rising internet penetration, increasing consumer purchasing power, robust government support, and intensifying interest in online shopping. In turn, all these factors combined together create a fertile ground for innovative solutions to emerge and thrive.
The Asian continent is known for being proactive in adopting new tech and creating innovative digital solutions across a variety of spheres, including healthcare, education, and finance. While this statement is also true for the local payment scene, many industry analysts agree that it is still only taking its first evolutionary steps.
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