McKinsey on Payments 32

New technologies are opening the way for innovation in payments; to take full advantage, payments providers need to modernize three elements of their legacy technology.

Consumers’ survey responses indicate that interest in digital payments continues to grow, including in new areas like “buy now, pay later” and cryptocurrency.

As cash transactions give way to digital, what changes can the region’s banks and payments providers expect to see in the next few years?

Three industry leaders share perspectives on working across ecosystems and borders to provide world-class payments that deliver customer, business, and societal value.

While retail payments providers often become household names, most flows are between businesses. Scott Galit describes how B2B fintech Payoneer has grown by leveraging early success in cross-border payments.

While other fintechs seek to establish a beachhead in a specific region or category, UK-based Revolut is looking to build a global ecosystem from the start.

For Plaid’s operating chief, the future of payments will be built on increasing transparency for both customers and the banks and fintechs seeking to serve them.