FinTech Magazine - June 2022 | Page 69

FINANCIAL SERVICES
2 . SAAS PLATFORMS SEE HIGHER
ADOPTION RATES The fact that Stripe is now the fastest growing fintech payments startup globally is an indication of just how fast the space is moving . Now worth an estimated $ 95bn , it is also the IPO to watch in 2022 . But all this is a signal that onramps into the payments sector are increasing .
Giant platforms that support online payments such as Shopify and Mindbody have transformed – and are now essentially operating – systems that enable their customers to leverage new and emerging financial services . The platforms are also built with the latest KPIs in mind , offering better customer experiences , faster product delivery and driving business growth . Some are even providing new financial products such as payment cards and loans as a further incentive . This trend looks set to continue its growth trajectory in 2023 , too .
3 . BNPL IS
SKYROCKETING Despite criticism of the ‘ buy now , pay later ’ space , as well as concern that it is encouraging young customers to become embroiled in financial debt , the online trend that allows users to spread their payments into interest-free instalments has never been more popular . A recent survey by Vodeno revealed that retailers in Europe are
embracing new embedded finance offerings , with 56 % of vendors saying they will be launching new products in 2022 .
The marketplace has already seen a robust adoption of services such as BNPL , with 74 % of European retailers already offering the service at the checkout .
According to reports , embedded finance is seeing a strong adoption across Europe ’ s retail and ecommerce sector , with over half ( 56 %) of retailers surveyed intending to either increase their offering ( 34 %) or to start offering ( 22 %) embedded finance solutions in the coming 12 months .

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4 . CONTACTLESS TECHNOLOGY IS
REDEFINING FRICTIONLESS PAYMENTS Mobile payments that no longer require contact to take place are also set to
Payment and ecommerce trends for 2022
become more commonplace in 2022 . For starters , Apple announced it is launching Tap to Pay . Also , according to a recent report by investment management firm
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