Key Fintech Trends Driving Change in Digital Payments
If you’re in the fintech industry, then you know that change is constant. New technologies and trends are always emerging, and it can be tough to keep up unless you embrace fintech outsourcing. But staying on top of the latest fintech trends is important if you want to stay ahead of the competition.
In this blog post, we’ll take a look at three of the most important fintech trends that are driving change in digital payments. These trends will surely have a big impact on the fintech industry in 2022, so you need to be aware of them.
By understanding these fintech trends and considering Vietnam software outsourcing, you can ensure your company is prepared for the coming changes. At Saigon technology, we offer fintech outsourcing services as well as other outsourcing services. So let’s take a look at the key fintech trends driving change in digital payments.
1. SaaS Platforms see higher adoption rates
As fintech companies look to scale their businesses, they are increasingly turning to SaaS platforms and fintech outsourcing. SaaS provides a number of advantages for fintech companies, including the ability to quickly launch new products and services, lower costs, and increased flexibility.
In 2022, we expect to see even more fintech companies adopting SaaS platforms as they look to scale their businesses and stay ahead of the competition.
What does this mean for digital payments?
SaaS fintech platforms will continue to grow in popularity, driving down the costs of developing and launching new digital payment products and services. This trend will also make it easier for fintech startups to enter the market and compete with established players.
2. Cryptocurrency is going mainstream
Cryptocurrency is no longer a niche investment for early adopters. In 2021, we saw a number of major corporations begin to invest in Bitcoin and other cryptocurrencies. This trend is expected to continue in 2022 as more companies see the potential of cryptocurrency as a store of value and means of payment.
What does this mean for digital payments?
As cryptocurrency goes mainstream, we expect to see more businesses accept it as a payment form. This trend will be driven by the growing number of people who own cryptocurrency and the increasing acceptance of cryptocurrency by major corporations.
3. Contactless technology is redefining frictionless payments
Contactless payments are nothing new. But as the effects of the COVID-19 pandemic continue to drive changes in consumer behavior, we expect to see a renewed focus on contactless technology in 2022.
What does this mean for digital payments?
As consumers become more comfortable with contactless payments, we expect to see an increase in the use of mobile wallets and other contactless payment methods. This trend will be driven by the need for faster and more convenient payments and the desire to avoid contact with surfaces that may be contaminated.
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4. Rise of the Fintech Super App
In recent years, we’ve seen the rise of the super app. A super app is a mobile application that offers a wide range of services, from ride-hailing to food delivery to payments.
In Asia, super apps like WeChat and Alipay have become incredibly popular, with millions of users using them for tasks. Vietnam software outsourcing has also made it easier for most businesses to secure fintech super apps that meet unique needs at relatively lower cost.
What does this mean for digital payments?
As the super app model gains traction in other parts of the world, we expect to see more fintech companies launching their own super apps. This trend will provide a new way for fintech companies to reach users and offer their products and services.
Digital payments will be a key part of fintech super apps, as they provide a convenient way for users to pay for goods and services. We expect to see more fintech super apps launch in 2022, with digital payments being a key feature. Besides, we also expect more businesses to embrace fintech outsourcing.
5. BNPL is skyrocketing in popularity
Buy now, pay later (BNPL) is a type of payment service that allows customers to purchase goods and services now and pay for them later. BNPL services like Afterpay and Klarna have become incredibly popular in recent years, especially with younger consumers.
What does this mean for digital payments?
As BNPL services continue to grow in popularity, we expect to see more businesses offering them as a payment option. This trend will be driven by the growing demand for flexible payment options and the need to compete with other businesses already offering BNPL.
Digital payments will play a key role in the growth of BNPL, as they provide a convenient way for customers to pay for their purchases. We expect to see more businesses offering BNPL in 2022, with digital payments being a key part of the service.
6. Growth in embedded payments
Embedded payments are a type of payment service that is integrated into a product or service. For example, many e-commerce platforms offer embedded payments, which allow customers to pay for goods and services without leaving the platform.
What does this mean for digital payments?
As embedded payments continue to grow in popularity, we expect to see more businesses offering them as a payment option. This trend will be driven by the growing demand for convenient and seamless payments, as well as the need to compete with other businesses that are already offering embedded payments.
Digital payments will play a key role in the growth of embedded payments, as they provide a convenient way for customers to pay for their purchases. We expect to see more businesses offering embedded payments in 2022, with digital payments being a key part of the service.
7. Demand for faster payments
Faster payments are a type of payment service that allows customers to send and receive payments in real-time. Faster payments have been around for several years, but it has only recently started to gain traction. Software development outsourcing allow businesses to acquire IT solutions that facilitate faster payments at an affordable cost.
What does this mean for digital payments?
As faster payments continue to grow in popularity, we expect to see more businesses offering them as a payment option. This trend will be driven by the growing demand for fast and convenient payments and the need to compete with other businesses already offering faster payments.
Digital payments will play a key role in the growth of faster payments, as they provide a convenient way for customers to send and receive payments. We expect to see more businesses offering faster payments in 2022, with digital payments being a key part of the service.
Final Thoughts
In conclusion, these are some of the key fintech trends we expect to see in 2022. Each trend is driving change in the digital payment landscape and will provide new opportunities for companies delivering solutions in fintech outsourcing. At Saigon technology, we offer fintech solutions that meet your business needs and within your budget.
- As a leading Vietnam software outsourcing company, at Saigon Technology, we dedicate ourselves to your success by following our philosophy: Your success is our mission.
Source: https://saigontechnology.com/blog/key-fintech-trends-driving-change-in-digital-payments
