The global payment technology company’s Signals report explores the forces likely to transform the payments ecosystem by 2030.
The company's latest Signals report lists digital wallets and hyper-personalized checkout experiences among the seven key trends set to transform the sector by 2030. Image credit: Mastercard From digital wallets to biometric authentication, the future of financial exchanges is set to become more integrated and efficient, according to global payment technology company Mastercard .
For the report, Mastercard examined the global forces and new behaviors influencing commerce and payment systems, referencing internal research and synthesizing insights from accredited external sources.The way consumers and businesses exchange funds is undergoing a rapid transformation. It lists current roadblocks for account-to-account and real-time payments , two tools that consumers, business and governments alike are looking to optimize for smoother operations.
Alternate payment methods, or APMs, referring to any payment method outside of traditional credit and debit cards including mobile wallets – Apple Pay, Google Pay, Paytm and WeChat all qualify – and buy now, pay later providers such as Klarna, Affirm and Afterpay are additionally thriving, granting shoppers increased flexibility.
“Tomorrow’s payments ecosystem must deliver the same level of security, assurance and convenience across the board — regardless of payment scheme, rails or jurisdiction,” said Peter Reynolds, executive vice president of Real Time Payments at Mastercard, in a statement.
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