Three Trends Shaping the Payment Tech Landscape
The payment industry is changing rapidly. It is being driven by an accelerated shift in consumer behavior and tech advancement—every digital platform has become a commerce platform. Every moment is an opportunity to convert a transaction into a payment. Digital platforms and social platforms are receiving the credit for this shift, and payment tech becomes invisible behind the scenes.
Global cashless payment volumes are expected to increase by more than 80 percent from 2020 to 2025, with the U.S. market expected to accelerate 43 percent by 2025, according to research by PwC and Strategy&. In the research survey, 86 percent of respondents agreed that traditional payments providers will collaborate with technology providers as one of their main sources of innovation. It is clear that for payment tech companies, there is a huge opportunity for profit and growth in the payment industry space.
Payment tech companies must position themselves ahead of the curve to maximize the potential of future shifts in the payments industry. Here are three major trends that will impact the payment tech landscape.