In just a few years, major advances in technology, massive shifts in consumer buying behavior, changes in government policies and regulations, sharp ecommerce growth, and the global proliferation of connected devices have driven significant changes in digital payments.
The continued rise of fintechs has led to a major shift in how customers choose financial services. According to a recent study by McKinsey, 42% of financial services organizations agree that digital disruptors that support new digital experiences, offerings and alternative business models are encroaching on their customer base.
Pair that with rising demand for convenient, low-cost services delivered through customers’ digital channels of choice, the stage is set for widespread disruptive innovation.
What was once the domain of a small number of long-established financial institutions and payment pioneers has become a breeding ground for nimble innovators, agile fintechs, and consumer brands.
The result is an increasingly crowded digital payments space, with an ever-growing number of names all vying to meet changing demands and grab their piece of a growing industry.