733Park Podcast Plug-In: The Payments Podcast, payment trend predictions for 2021
In this week's 733Park Podcast Plug-In, we feature 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 key trends in the payment landscape, including Brexit, consumer trends, ISO 20022, and new innovations.
Guest
Ed Adshead-Grant, General Manager of Bottomline Technologies.
What key trends define the payment industry in 2021?
- The world is accelerating innovation, in particular digital transformation, and it will continue as people work from home.
- Open Banking payment is on the rise, with many big corporations seeking 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.
- Acceleration of ISO 20022, an emerging global and open standard for payments messaging that 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 will 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" lifestyle.
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