Nearly a year of trial-by-fire, pandemic-era learning within the payments business has not only provided some great lessons but has also set the stage for some major advances in 2021 and beyond.
E-commerce is growing rapidly, with worldwide sales put at $4 trillion in 2020. The evolution in e-commerce can be partially credited to the developments within financial technology (fintech), such as e-wallets, new payment options, in-app purchasing, and peer-to-peer lending and payments.
As consumers have grown increasingly comfortable with online methods of shopping and online payment systems, fintech and payment innovations are making these online transactions much easier and frictionless. Payment systems are growing increasingly secure and efficient, making them attractive for consumers and businesses alike. And, as fintech and other payment innovations evolve, the e-commerce market will continue to evolve with it.
The surge in digitization brought on by the COVID-19 crisis has accelerated the evolution of a range of Real-Time Payments network advancements, including instant payroll, merchant settlements, and tokenization. The promise of real-time payments was that it was always going to be faster, safer, and smarter.