By PagoNxt Merchant Solutions
Unveiling the 10 trends that are shaping the payments landscape in Latin America and Europe in 2022
PagoNxt’s leading payments experts have collectively pooled our predictions to form the basis of the Future of Payments Today.
Today, we are thrilled to unveil the PagoNxt Merchant Solutions whitepaper which predicts significant innovation in the payments space this year on several fronts including an improved regulatory landscape, greater use of data, and increased digitalisation. This new report analises how the payments space is innovating and considers what is driving this, including the global ecommerce boom and greater use of financial technology amongst younger generations.
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 pandemic had on the global payments’ ecosystem, disrupting stability, geopolitics and customer behaviour like never before. The report 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.
Speaking to the trends outlined in the report, CEO of PagoNxt, Javier San Felix said: “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.”
Discussing the impact of the e-commerce boom on payment trends, General Manager of PagoNxt Merchant Solutions, Ignacio Narvarte said: “The growing e-commerce market presents a tremendous opportunity for any merchant looking to expand their business — not only across borders but within existing markets too. Chief among the advantages of moving online is the ability to provide hyper-personalised experiences through data analysis. This is imperative as consumers continue to demand checkout journeys that recognise their preferences.”
What can we expect to see in the payments space this year, and why?
PagoNxt Merchant Solutions is anticipating advanced acceleration of payment technology around the world, as consumers in emerging markets increasingly use fintech services to access financial services.
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 report 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.
We 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.
The 10 trends covered in the white paper
1. Increasing innovation is driving the frictionless and seamless payments economy: the consumer at the centre
2. Digital is key to merchants’ international and domestic growth
3. A renewed focus on data-led payments following a surge of new online users
4. Ever improving fraud protection
5. An increased movement towards regulating fintechs old and new
6. The year of open finance / integrated payments
7. Rise in seamless cross-border payments globally and in Latin America and Europe
8. The influence of sustainable policies and products driving the ESG agenda
9. More payment method variety — from corona voucher to variable recurring payments
10. Super apps proliferate across the world
Find out more in our Paper “The Future of Payment, Today” .
Download the white paper for free
https://www.getneteurope.com/the-future-of-payments/
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