Enablers such as payment service providers and Banking as a Service platforms have lowered technical barriers for entities to launch payment products. Open banking and other initiatives have fostered an ecosystem of financial entities that are willing to instantly share data via API. These two factors will converge in 2021 to ignite razor sharp competition, and present interesting opportunities across the payments space.
Accuity’s payment specialists identified these four digital payment trends for 2021. Join us as we look ahead in this new whitepaper.
- The point of online purchase will become increasingly crowded for payment options
- PSPs will compete to handle Strong Customer Authentication (SCA) with the least checkout friction
- Second generation neobanks will emerge, with payment products serving tightly defined customer segments
- Traditional banks will increasingly use APIs from fintech providers to strengthen their own payment services
