Payments

The payments industry is undergoing a period of radical change, driven by customers’ growing preference for digital payments, the rise of technological innovation and regulatory changes.

One notable trend is the emergence of virtual cards, which allow customers to store and use their cards digitally on their mobile devices, thereby making physical cards redundant and simplifying the digital wallet.

Another trend is the emergence of embedded financial solutions, which seamlessly integrate payment functions into various devices and applications, enabling customers to make payments directly from smartphones, laptops and other devices, thereby bypassing the need for physical payment cards or traditional payment instruments through peer-to-peer (P2P) platforms.

In 2022, nearly a quarter of the world’s population had no access to banking services – a challenge that emerging markets are rapidly addressing through financial innovation. These regions are leading the way in the adoption of microfinance, remittance technologies and mobile money services, supported by a vibrant fintech start-up ecosystem. This shift towards financial inclusion is being driven by technological advances and innovative financial services.

Furthermore, blockchain and decentralised finance (DeFi) are revolutionising financial services by enhancing security, transparency and consumer control, whilst simultaneously promoting innovation and accessibility in the sector. This synergy creates a more competitive, efficient and user-friendly