Exploring Fintech Opportunities in Payments: Insights from Industry Experts

In the ever-evolving landscape of fintech, the payment sector is a breeding ground for innovation, with new opportunities continually emerging as we approach 2024, writes Tom Bleach in The Fintech Times. Several key players in the industry, including Visa, Wise, Fiserv, Shieldpay, and Lanistar, shed light on the exciting prospects awaiting fintech companies.

Jeremy Baber, CEO of London-based fintech Lanistar, envisions a generational evolution where fintech bridges the gap between traditional finance and crypto blockchain. He emphasizes the need for regulators and the industry to embrace cryptocurrencies, acknowledging their lasting presence in the financial world.

Ramez Hanafi, Head of Digital Solutions and UK and Ireland Product at Visa, underscores the potential of a fully open data economy, which could unlock €550 billion in economic value in Europe by 2025. Hanafi emphasizes the importance of partnerships for fintech companies, as collaboration and innovation will enable them to thrive in an ever-evolving ecosystem. He also notes that the expectations of Generation Z and Generation Alpha will drive a shift toward seamless online experiences, including payments.

Steve Naudé, Head of Wise Platform, highlights the opportunities arising from collaboration between fintechs and traditional banks, particularly in areas like instant payments. Naudé explains that fintechs’ specialization in specific customer problems allows them to develop high-quality solutions quickly, while banks can benefit from fintech agility in non-core focus areas like international payments.

Peter O’Halloran, VP and Head of Enterprise and Digital Commerce EMEA at Fiserv, expresses excitement about embedded finance‘s potential to enhance user experiences in payment solutions. He emphasizes the importance of seamless and integrated payment solutions that cater to customer and merchant needs. O’Halloran also anticipates the rise of SoftPOS solutions, which enable merchants to accept payments via phones or tablets, potentially revolutionizing in-store payments.

Pete Janes, GCEO and Founder of Shieldpay, identifies boundless opportunities for fintech in the payments industry. He highlights a three-fold expansion strategy, including horizontal expansion into adjacent industries, vertical growth by serving more sophisticated clients, and deeper market penetration. By simplifying processes, embracing automation, integrating AI, and leveraging innovative smart contracts, fintechs can reshape the future of payments and provide seamless, customer-centric solutions across various sectors and use cases.

As the payments sector continues to evolve, fintech companies stand at the forefront, ready to embrace these opportunities and drive innovation in the financial world.