What does the future of payments and FinTech look like?
PYMNTS’ Outlook 2022 ebook provides insight and observations from 32 thought leaders in the payments domain.
There has been a rise in eCommerce driving a need for efficient, easy to use payment platforms. Venture capitalists continue to invest in FinTech platforms.
“The last few years have been a whirlwind for chief financial officers (CFOs). However, one constant — innovation — is at the center of these payments trends for CFOs.”
Matt Clark, President and Chief Operating Officer, Corcentric
Up and coming digital solutions use AI, ML, automation and data to make decisions, helping workflows become more accurate and efficient. Consumers are embracing digital solutions therefore demand only continues to grow.
Digital innovations are shaping payments, for example, crypto currency’s evolving role in finance, helping companies tackle hybrid working security challenges.
Whilst crypto is growing in popularity, it isn’t a main player, with 92% of CFOs admitting ‘they were not accepting nor planned on accepting crypto payments in 2021 and 2022.’
Another report from Corcentric and PYMNTS’ revealed the reasons ‘why CFOs are ditching manual processes include greater operational efficiency, holistic cash flow and working capital, seamless operations integration and enhanced security.’
This is accentuated for small businesses that make up 44% of economic activity, yet have been drastically underserved by the technology and financial sectors, including payments.
‘Digital payment solutions allow small business to quickly and seamlessly transfer and receive payments’
Tomer Barel, Chief Operating Officer, Melio
Over the last few years, more payment technologies have become available to small businesses for a small fee or free of charge, removing the hurdle in adopting digital payments solutions.