Max Neukirchen, Global Head of Payments and Commerce Solutions for JP Morgan, and Mike Blandina, Global Head of Payments Technology, consider the 2021 payments to exceed the point of purchase. Not only is money helping to change hands, it’s becoming a connective tissue between people, devices, homes, cars, and even our virtual avatars. Read their thoughts on the PYMNTS eBook. In a nutshell, 50 ideological leaders summarize 2021.
Risks have increased as businesses have been fully digitized in response to global pandemics and changing consumer behavior. From there, we have reached a turning point where new and existing trends are accelerating and becoming a lasting way to do business. At the heart of all this was payment.
During the pandemic, payments fueled innovation. Innovation, on the other hand, has pushed payments beyond the purchasing function to the role of connecting our physical and digital societies. This forms a connective tissue between people, devices, homes, cars, and even virtual avatars. From online marketplaces and streaming video to cross-border remittances, almost all of our digital activities rely on payment systems.
Payment mega-themes such as platforms, online, wallets, embedded, real-time and value-added services are at the heart of this striking innovation. These mega themes account for approximately $ 54 trillion in global payment flows.
For example, the adoption of digital-first business models that leverage digital platforms and e-commerce marketplaces continues to grow and expand during the pandemic. Embedded payment solutions, on the other hand, show how to add a new layer of convenience to the shopping experience and seamlessly integrate financial services into everyday activities. Whether customers buy e-commerce or workers send money back to their home countries, the demand for convenient, secure and instant payments continues to grow for both of these experiences.
Empowering the gig economy
Companies are also finding innovative ways to use technology, such as real-time payments that give gig workers immediate access to earned wages. This helps promote the financial well-being of hourly workers throughout the community.
Similarly, the online economy is changing the way we shop, work, and even who we are. This year, in addition to the combination of e-commerce and digital identity solutions, we saw the economic growth of gigs and creators driving new payment innovations and increasing global payment volumes.
Next are cryptocurrencies, stablecoins and tokens. These digital currencies and the like have emerged over the past few years and continue to create the need for digital wallets outside of traditional banks, where people use digital payment rails to store value and transfer funds. , I am making it available for purchase.
The innovations we saw in 2021 payments are vibrant and will continue to be. That’s why payments for the next 10 years promise to be even more transformative than last time. That’s why we say that payments are eating up the world.
New PYMNTS Data: Authentication ID in the Digital Economy – December 2021
Summary: More than half of US consumers believe that biometric methods are faster, more convenient, and more reliable than passwords and PINs, but why are less than 10% using them? PYMNTS worked with Mitek to survey more than 2,200 consumers, more clearly define this perception-use gap, and identify ways for businesses to drive use.
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