Global digital payments are waiting for the drastic changes. Overview by Bitupper
The development of digital technologies has led to the fact that banks are no longer the main driving force in this market. The main role is played by a non-banking organization. Satisfying new consumer expectations (for example, one-click payments), causing some changes in the value creation.
Globally, the digital payment space is mainly influenced by five large-scale trends, which are expected to dramatically change this industry in the near future.
- Ongoing digital / technological revolution
It is expected that by 2020 the number of users accessing Internet services via smartphones will reach 3 billion against almost 1.9 billion in 2015, which is 65% of the world’s adult population.
- The emergence of non-traditional players in the market
In the payment market, a large number of players from different industries, device manufacturers (Apple, Samsung), technical firms (Google, eBay, Alibaba), retailers (Starbucks, Walmart), telecommunications companies (Vodafone, Orange) and start-ups (Square, Transfer-Wise) become more active. It is expected that the number of fintech startups will double and reach up to 1,000 within 5 years, and funding will increase 6X times, reaching $11 billion US.
- Higher customer expectations
Today consumer expects the best experience that companies can provide, even in financial services. There is a growing need for an intuitive and convenient user interface and design, as demonstrated by the experience of large market participants.
- Stimulating state regulation
Regulation plays a crucial role in determining the nature and success of payment decisions. For example, PSD2 (the revised directive on payment services) in Europe provides banks and payment institutions with the attacks that underlie their basic relationships with customers, such as checks and payments. It is expected that this directive will create an open environment conducive to a wider choice of customers and transparency of prices. In emerging markets, where cash continues to dominate, governments encourage e-payments.
- The rapid evolution of digital consumer payments
Ubiquitous communication, biometrics, tokenization, cloud computing and the Internet of Things are just a few of the digital trends that will influence the consumers interactaction with their partners when making payments.
Bitupper, being on the wave of digital technology development, strives to use all available possibilities to present the world of cryptocurrency more simple, understandable and convenient for each market participant, offering advanced online banking tools in an understandable and user-friendly interface on all platforms.
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