PAYMENT SOLUTIONS the risks of lending cannot be overlooked and it is becoming more important that consumers are supported . Therefore , we welcome the incoming regulation in the UK and other markets as a necessary means to protect consumers .”
Technology will drive growth , despite downturn Regardless of the economic climate , experts say technology will be key in continuing to drive growth in the fintech space . The past two years have seen millions more customers embark on digital finance and spending journeys – and many will continue to utilise these services . This is for two main reasons : firstly , because better economic choices can be made online – customers can shop around for the best deals ; and , secondly , because the digital transactional space is constantly evolving , payments will become increasingly streamlined and attractive .
When asked what technology will be instrumental in driving the sector ’ s growth , James Butland , Vice President of Financial Partnerships , Airwallex , responds : “ In two words : faster payments . Consumers moving fully online and trusting an ecommerce site with their money takes a huge leap of faith , and , with fraud risks escalating , there is more distrust around digital payments than ever before .”
He continues : “ Given these concerns , switching to a faster payments solution will actually help to assure businesses , consumers , and suppliers . Faster payments mean that money arrives at the destination before the question of ‘ where is my money ?’ arises , which ultimately improves consumer trust .”
Butland adds that , given the global nature of most businesses , innovation around technology – which enables faster , or even real-time , payments – will continue driving growth in the sector . “ It will also change the global economy for the better , introducing lower cost , more certainty and even greater transparency .” fintechmagazine . com 103