A year has passed since the UK’s first covid lockdown and so much has changed in the world of fintech, particularly the global payments landscape.
The coronavirus has transformed consumers’ shopping behaviour, accelerated the need for a cashless society and forced merchants to harness the power of digital technology to process transactions. Cryptocurrency has edged closer to mass adoption and e-commerce sales continue to soar – leaving many bricks and mortar stores teetering on the brink of bankruptcy.
There’s little doubt that this ‘new reality’ is here to stay and will continue to evolve, presenting new challenges for merchants and creating new opportunities for the fast-moving payments industry.
But what can we expect over the next twelve months?
Finance digitalisation boom
“Digitisation will continue to accelerate, as we get more comfortable with concepts such as digital assets, an ‘Internet of Value’, and doing more of our day to day transactions digitally,” said Kristy Duncan, founder of Women in Payments. “Factors such as inclusivity and sustainability will also play a bigger role in how and why players across the payments ecosystem serve our global community. I am pleased to see more focus on digital financial inclusion, which is especially important during this time of unprecedented change, and we want to embrace the new, while not leaving any members of our society behind.”...