733Park Podcast Plug-In: The Payments Podcast

733Park Podcast Plug-In

The Payments Podcast: Payment Trend Predictions for 2021

In this week’s 733Park Podcast Plug-In, we are featuring The Payments Podcast: Payment Trend Predictions for 2021. The Payments Podcast reviews what trends are on the horizon for the upcoming year. While no one could have guessed the outcome of 2020, it led to accelerated adoption of some of the key trends for the year in the payment landscape. The episode talks about Brexit, consumer trends, ISO 20022, and new innovations. 

Guests:

Ed Adshead-Grant - General Manager of Bottomline

Technologies

What key trends define the payment industry in 2021? 

1. The world is accelerating innovation in particular in the digital transformation and it will continue as people are working from home.

2. Open Banking payment is on the rise, a lot of big corporations are seeking opportunities to dive into open banking, which opens the way to new products and services that could help customers and small to medium-sized businesses get a better deal.

3. Acceleration of ISO 20022, an emerging global and open standard for payments messaging. It creates a common language and model for payment data across the globe. 

We are in a different world from a year ago, as the industry continues to see innovation in technology, people are going to see the rise of machine learning and central bank digital currencies. We are moving away from “old payment” as the younger generation enjoys the “click and pay” kind of lifestyle.