This share prices have a 15 minute delay and are shown in the local time of the market in which the quote is displayed.
The PagoNxt Merchant Solutions whitepaper titled “The Future of Payments Today” predicts significant innovation in the payments space this year on several fronts including an improved regulatory landscape, greater use of data, and increased digitalisation.
The report outlines the top ten trends that will shape the Latin American and European payment space in 2022 to inform its merchant customers. Chief among the trends acknowledged is the impact that the covid-19 had on the global payments’ ecosystem, disrupting stability, geopolitics and customer behaviour like never before. ‘The Future of Payments Today’ concludes by asserting that although the business environment may have changed, and the predictions are based on underlying trends which were emerging long before the pandemic, the sheer speed in which these changes have occurred has surprised analysts and stakeholders around the world.
It is undeniable that the payments landscape has seen an astronomical increase in adoption of the technologies driving frictionless and seamless transactions. The accelerated pace in innovation has been driven, in part, by the pandemic and e-commerce boom that we have witnessed the world over. Yet, we are only just at the tip of the iceberg. In the coming years we will see a movement of payments utilising emerging technologies that will revolutionise how we pay for everything and anything
What can we expect to see in the payments space this year, and why?
The report details how global innovation taking place in the payments space has the consumer at the heart of new products and services. It also suggests that digital is key to merchants’ international and domestic growth, as e-commerce has soared over the past 24 months.
The whitepaper highlights that although data has been long-considered a company’s greatest asset, not enough companies are using it effectively. However, with the boom of online sales and alternative payment methods, this is set to change in 2022, as digital payments create a wealth of data that can deepen customer engagement.
PagoNxt Merchant Solutions also sees an increased movement towards regulating fintechs. For a long time, there has been a lack of fintech regulation across the globe, but the report asserts that regulators work tirelessly to keep pace with innovation.
Like e-commerce, cross border payments have grown in popularity over recent years. The total value of B2B cross-border payments is expected to reach $35 trillion by the end of 2022, representing 30% growth since 2020 alone. However, the report notes that there are still multiple factors which will inhibit growth. For instance, fragmented data standards and lack of interoperability between different jurisdictions mean that some payments remain slow, while meeting AML requirements or the high transaction costs can also be off putting.
PagoNxt works to increase the fluidity of payments, without ever forgetting fraud prevention and user experience.
