By 2030, 74% of consumer payments will be handled by non-traditional financial service providers.
“Future ready” paytech investment to date by Financial Services Institutions has not been sufficient in slowing down this shift, resulting in a loss of $250 billion in payments revenue by 2030
Disruptive change in the payments industry is reshaping the landscape, including the participants and the roles each plays. The innovators in payments are creating new embedded customer experiences which are rapidly acquiring market share and leveraging the foundation they have built from payments to expand their product offerings. The rise of innovators is hastening incumbents to reposition themselves in the payments ecosystem.
- By 2030, 60% of global consumers will have made a transaction using an asset class other than fiat currency.
- Financial Service Institutions must now be able to compete creatively and rapidly by responding to marketing demands and evolving end-user behaviors.
This IDC InfoBrief commissioned by Episode Six outlines actionable strategies and examines the forces driving these changes and how new payments technologies enable any business with a digital front door, not only banks and fintechs, to create new value in the form of novel revenue streams and engaging customer experiences.