![]() Embedded payments are expected to scale and become more invisible as non-financial services providers integrate payments into customer journeys – driven by the rise of e-commerce, platforms and marketplaces.The adoption of real-time payments rails (RTR) unlocks tremendous innovation across the overlay services, enabling all PSPs to serve customers better through account-to-account (A2A), which is further reinforced and accelerated by open banking.Open banking will be a real game changer as many more players will embrace “pay by bank,” as well as new payment methods like variable recurring payments (VRPs).By providing relevant services before and after payments, they’re evolving into “one-stop shops.” “Value beyond payment” has been top of mind for many payment players as they look beyond transactions and focus on the holistic customer experience. ![]() New payments propositions are helping connect merchants and consumers directly, in the most efficient way, leading to faster, cheaper and safer payments methods. ![]() Connected commerce is driving the digital economy.Looking ahead to how the future of payments will evolveĪs we assess the evolution of PayTech, we can observe some notable shifts and takeaways: With the explosion of PayTech, it is a pivotal time for PSPs to begin rethinking their strategies. As the digital economy grows and customer appetite for seamless payments increases, PayTechs are offering integrated solutions for both consumers and merchants to meet this demand. 1 Valued at over 2.17tn, PayTechs have exploded into the market, recognizing that fast, frictionless and embedded payments offer a distinct competitive advantage. Payments lie at the intersection of commerce and the digital economy, with a market size of US$240 tn. ![]() PayTechs make up 25% of FinTechs and are focused on the payments value chain, as well as payments facilitators (PayFacs), PSPs, networks creating new payments propositions, and payments technology suppliers. In the midst of this disruption, a whole new subsection of digital players has emerged: PayTechs. ![]() FinTechs have grasped an opportunity to leverage their technological capabilities and customer centricity to expand into payments. The disruption of the traditional payments ecosystem has been rapid and impactful. ![]()
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