The Next Big Disruptor in Payments | FF News at MPE 2024

What is going to be the next big disruptor in payments?

Everyone wants to stay ahead of the curve in fintech and payments. Whether that’s to formulate a winning business proposition or simply be seen as a thought leader or trusted voice in the industry.

We wanted to know what the experts thought so we headed to the InterContinental Hotel, Berlin for the 2024 edition of the Merchant Payments Ecosystem to speak to them directly.

In the video above we spoke to industry leaders, exhibitors and commentators who gave us their perspective on what is going to be making the biggest waves in fintech in the next year.

One thing is for sure fintech and payments are in pretty good health. As of July 2023, publicly traded fintechs represented a market cap of $550 billion, increasing by a factor of 2 since 2019. And all forecasts are looking positive too.

Digital payments are certain to increase with one study showing digital wallet spending surpassing $10 trillion by 2025. When we looked at predictions for 2024 late last year, one of the things that came up was the dominance of instant payments on the agenda. This and cross border payments got a mention a couple of times in our interview above but a noticeable recurring answer was specifically “account to account payments”. These are widely recognised as a growing area and one of the potential game changers enabled by Open Banking.

Whilst the jury is still out on Open Banking, 6 years after its inception, there is a lot of promise and potential, as we established in our deep dive in January 2024.

If more consumers can adopt the ease and openness of ‘pay-by-bank’ payments, then it should soon become more popular. There is certainly an increasing appetite for it.

Another item that comes up in our MPE video is Central Bank Digital Currencies and other forms of digital currency. This is bound to become more prevalent, as more governments are taking their potential seriously. Whilst not everyone is on board, there’s no denying they’re going to play a role in the future, as a report by Juniper Research forecasts that the value of CBDC payments will reach $213 billion by 2030.

Of course, no one has a crystal ball, but our guests give a pretty good appraisal of the developments and technology that they think will change the industry.

Find out what you should be paying attention to, by watching the video above.