The digital revolution of financial technology has revolutionized payments, money management, and access to financial services for both consumers and businesses. Whether it’s mobile wallets, real-time payments, artificial intelligence, or digital currencies, FinTech is transforming the payments landscape around the world. Digital payments are going faster, safer and more accessible, according to research from the World Bank, Bank for International Settlements, the International Monetary Fund and McKinsey.
Digital Payments Continue to Grow
The Global Findex Database 2025 by the World Bank has recorded that over the years, digital payments have grown in popularity around the world, with more adults using a digital means to send, receive, and store funds than ever before.
Mobile Wallets Are Becoming Mainstream
According to Juniper Research, the total number of digital wallet users will reach 1.8 billion by the end of 2022, with mobile wallets being one of the world’s most popular payment methods.
Real-Time Payments Are Expanding
New real-time payment systems are emerging in more countries worldwide, and the number of real-time transactions continues to grow, according to ACI Worldwide’s Prime Time for Real-Time Report.
AI Is Improving Payment Security
According to an analysis by Deloitte, financial institutions are turning to artificial intelligence to fight fraud, identify suspicious activities, and improve payment security.
Embedded Finance Is Growing
Embedded finance is enabling companies to embed payments, lending, and insurance into digital platforms and customer journeys, according to McKinsey & Company.
Cross-Border Payments Are Becoming Faster
The Bank for International Settlements (BIS) reports on the international landscape regarding speed, cost, transparency, and accessibility of cross-border payments.
Open Banking Is Expanding Financial Services
The International Monetary Fund (IMF) believes that open banking is driving increased innovation through the availability of secure data sharing between financial institutions and third parties.
Digital Currencies Are Being Explored
As per the BIS report, many central banks are still working on the development and/or pilot projects of Central Bank Digital Currencies (CBDCs) to update payment systems.
Contactless Payments Continue to be Popular
According to Visa, consumer demand for contactless payments continues to grow because of their speed, convenience, and ease of use in everyday transactions.
FinTech Is Expanding Financial Inclusion
According to the World Bank, digital financial services are contributing to greater financial inclusion, especially in underserved areas, by making financial services more accessible to people.
