Innovations in the payments industry have exploded throughout the pandemic. As multiple lockdowns restricted people from leaving their homes for months, there has been a rapid shift in consumer and business behaviour.
A growing reluctance to touch physical money has meant that cashless payments now account for the majority of store transactions, and ecommerce increased by 47% throughout the pandemic.
Yet, this only scratches the surface of what the future holds for payments as a force for good in the year to come. Here are a few examples of what to expect in the payments sector in 2022 and beyond.
Giving businesses more choice over cross-border transactions
The intricacies of international fees made headlines recently when Amazon UK announced that it would no longer accept UK-issued Visa credit cards from January 2022. This was primarily due to a post-Brexit rise in interchange fees on cross-border transactions between the UK and EU businesses....