The PAYTECH Book

Payments Explained

By Tyler Anderson

Chief Operating Officer, FinTech Growth Syndicate

Introduction

Every day, billions of people transfer trillions of USD worth of value.

With only a small fraction of the world’s currency as physical money, consumers are increasingly opting for a digital experience, which has promoted digital payments. Consumers and businesses are going through a behavioural change, seeking a more frictionless, personalized, efficient and economically feasible way of conducting their day-to-day transactions. The global PayTech ecosystem is evolving faster than ever before, greatly outrunning the local regulatory bodies and incumbents and legacy technologies. Regulatory bodies are enacting payments modernization efforts such as faster payments, ISO 20022 and data-richer payments and better ways to regulate such cashless societies.

For the average consumer, technology empowers us with the freedom and ability to pay for what we want, when we want and in the way we want. For businesses small and large, the way consumers pay is a significant part of the customer brand interaction. Throughout the past few years, the payments industry has experienced a significant amount of disruption – witnessing the conception of innovative and convenient payment technologies that transcend financial institutions’ sovereignty within the payments space.

This disruption has been motivated by the increasing call from consumers for a more digital experience; one that is personalized, ...