The pace of payments is getting faster — because the demand and expectations are on the rise. Gig workers and those living paycheck to paycheck need access to their funds, SMBs can’t grow without them and, all around the world, governments are hearing the call and pushing to ramp up the pace. With billions of connected devices flooding the market, the pace of change is only getting faster. That changes the nature of a lot of games — particularly in B2B payments spaces — as firms look to disentangle from the older, slower, paper-based system that has held them in first gear in the past, and explore how to move into a more digitized future. The challenge also extends to banking, and incorporating the right API suite to enable the FinTech capacities their clients crave.
87.7 percent: Share of banks that report having a clear API strategy.
64.6 percent: Share of consumers living paycheck to paycheck interested in real-time payments.
35: Total number of countries with faster payment systems.
11 percent: Share of B2B transactions made using credit cards.
18 billion: The number of IoT-connected devices expected on the market by 2023.