3 minute read
EDITOR'S WELCOME
Payments are evolving at an incredible pace with a constant stream of new providers, new platforms and nifty tools providing businesses and consumers with innovative ways to pay, anywhere and at any time.
Earlier this year, I had the pleasure of attending both the 10th annual Pay360 event, hosted by The Payments Association in March, and the Innovate Finance Global Summit (IFGS) in April, which put the spotlight on the key drivers of growth for fintech payment companies, the impact of open banking, the expectations for cryptocurrencies, stablecoins and central bank digital currencies (CBDCs) and so much more.
In a series of workshops, panels, fireside chats and keynote speeches, industry experts and key players mulled over regulation, compliance, competition, data monetisation, and the cloud. There was a lot to take in!
Indeed, if you were to ask me for my overall takeaway from both these events, it would have to be that the future of the payments landscape is hard to predict!
There’s lots to be excited about with growth opportunities in both the consumer and SME sector, and open finance will deliver the ability for better products that help consumers make smarter choices and get hyperpersonalised offers suited to their lifestyle. But it’s also crucial for the industry to work together to meet the needs of all groups of people ensuring that everyone has access to financial products and services in the way that is best for them.
At Pay360, Steve Everett, managing director of payables & receivables client products at Lloyds Bank, raised a smattering of giggles when he revealed during his keynote speech that he still ‘had a soft spot for cheques and cash’. Yet later that evening, on my train journey from London back to Yorkshire, it was rather ironic that after a day of hearing about exciting new payment tools, a computer system failure meant the buffet car could only accept cash payments.
Reading a recent cash census from the Royal Society for Arts, Manufactures and Commerce and ATM operator LINK reveals that despite great strides by fintechs during the pandemic, 10 million adults in the UK would struggle in a cashless society. Almost half the population say a cashless society would be problematic highlighting concerns around the ability to control finances and debt, digital fraud, privacy and increased isolation. More food for thought.
In this issue of The Fintech Times, we’ve turned to some of our community’s leading players to see what they see as the industry’s most overhyped payment trends and services, as well as those promising innovations or topics we don’t talk about enough – see page 4.
While on page 12, Rene Siegl, founder and executive chairman of IXOPAY and IXOLIT Group, shares his thoughts on the future of payments and the importance of transparency.
With The Fintech Times team heading to more and more in-person events this summer, we look forward to hearing more of your views on the industry’s hot topics. Hope to see you there!
Claire Woffenden, Editor The Fintech Times
