According to a new Juniper Research study, the value of global payment transactions will surpass U.S. $116 billion in 2026. In 2021, that amount was U.S. $4 billion. Open banking has facilitated the growth of these transactions. Let’s see what trends you could expect in the space in the upcoming years. Also, let’s find out where you can obtain a reliable and affordable high risk merchant account in the U.S.
FinTech Adaption Will Cause Shifts in Payments
FinTech adaption is on the rise. This is going to result in major shifts shortly. As a result, the payments industry will witness more innovations and partnerships. Based on a recent study in the field, the global transaction value of digital bill payments and presentments will account for more than U.S. $2 trillion by the end of 2021. That amount was U.S. $1.9 trillion in 2020.
What should you expect?
- Open Banking Payments Will Become a Threat to Cards
Open banking payments are about payments made right from bank accounts. Increasingly, open banking payments will threaten cards, which are currently playing a dominant role in eCommerce sector.
- B2B Payment Automation Will Contribute to the Growth of Cards & Instant Payments
Traditional payment types are fading away. The focus will be more on instant payments and card payments.
- Digital-Only Banks Will Grow Because of Digital Bill Payments Via Mobile Phones
Digital-only banks will further grow their offerings to enlarge their revenue streams. As a result, you’ll witness partnerships between digital billing services and digital-only banks.
- Fintech Adaption Will Further Shape the Payments Ecosystem
The uneven growth of FinTech adaption worldwide will shape the payments ecosystem based on consumer needs. The upcoming five years will turn the U.S. into the single biggest digital bill payment market.
- Cross-Border Competition Will Grow
With time, FinTech activity could lead to a rise in cross-border competition in the financial services industry.
With all the developments in payments, it’s vitally important to work with an expert processor to move forward your business successfully. Thanks to a reputable merchant services provider, you can get quick access to secure, advanced, and cheap payment processing services, such as a high risk merchant account.
FinTech Adaption Making Tremendous Shifts in Payments
Financial technologies are playing a more significant role in every major region of the world. They’re resulting in major shifts in both advanced economies, developing and emerging markets.
Author Bio:- Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.