“Fintech’s next phase” refers to the greater integration of fintech with commerce. Fintech companies are innovating to increase access to financial products and services, improve the security of payments, increase funding, and enhance the merchant and customer relationship. In this next phase of fintech adoption there has been consolidation within the industry, and a growing call for an established regulatory framework that can encourage competition and protect consumers.
This report comes in PPT.
Fintech is impacting how transactions are funded, most notably through the expansion of buy-now-pay-later (BNPL) platforms. This low- or no-cost option is expanding the products and services available to a wide range of consumer income segments.
Fintech can leverage the information created from a transaction to reduce fraud and enhance the customer/merchant relationship by offering targeted promotions and advertisements in real time.
Digital banking can offer consumers better financial products and services at a lower cost in many markets, leading to mainstream financial institutions investing in fintech to offer similar products and services.
With a crowded competitive landscape, there have been more acquisitions among fintech companies, as well as by traditional payment players looking to adapt and remain competitive.
Regulation helped drive the initial growth in innovative fintech, but has not caught up with recent products and services, leaving a void or self-regulation, which could have negative consequences going forward.
This is the aggregation of ATM, charge, credit, debit, e-purse and retail cards. Note that smart cards are not included in financial cards.
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