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The Fintech industry has been high on the list of industries that have recently undergone the digital revolution. As projected by Allied Market Research, global payment processing was valued at $39.57 billion in 2020 and is expected to reach $146.45 billion by 2030. This explosive growth is due to the advent of several technologies and innovations that are shaping the future of payment processing. This article discusses some of these innovations.

Mobile and Digital Payment

Mobile and digital payment has become one of the leading trends in the finance industry. And as customers seek more convenient payment options, the importance of mobile and digital payment has increased. This has revolutionised how we pay for products or services across various platforms and marketplaces. As a result, transactions have become faster and more seamless.  

Furthermore, integrating payment processing with other financial services has paved the way for a better customer experience where the convenience of payment transactions is the order of the day. This convenience is perfectly illustrated by a single platform, which allows customers to manage their bank accounts, transfer funds, and access credits. As a result, Fintech companies can provide comprehensive financial services, further driving mobile and digital payment adoption. 

From an economic perspective, the growing trend of mobile and digital payments is important to watch closely. Fintech enthusiasts can stay up-to-date on the latest trends and developments in this space by following relevant events on the economic calendar. The calendar typically includes a list of important economic indicators, such as GDP, inflation, and events that may affect financial markets. For instance, financial institutions may monitor the release of reports on the growth and adoption of mobile payment platforms or announcements of new partnerships between financial institutions and fintech companies.

Blockchain Technology

Despite being an infant industry, blockchain has already caused significant disruptions in several industries, including Fintech. Decentralisation, the hallmark of blockchain technology, could potentially solve several challenges facing the payment industry. These problems typically include the cost of transactions, security, speed, and the involvement of third parties in a financial transaction. 

As customers' need for instant gratification increases, the payment industry must stay ahead of the game by providing a system with increased payment efficiency and an overall improvement in transaction speed, cost, and a reduction in intermediaries between both ends of a transaction. 

Biometric Authentication

Biometric authentication has become an increasingly popular trend for enhancing the security and convenience of transactions. Examples of biometric authentication methods include fingerprint scanning, facial recognition, and iris scanning. These methods are integrated into mobile wallets, allowing customers to authenticate payments across different platforms with a simple touch or glance. 
 
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Biometric authentication can help prevent fraud and provide an added layer of security, as it is much more difficult for someone to replicate or steal biometric data than to steal a password or PIN. As more and more customers are concerned about the security of their financial transactions, biometric authentication will likely continue to be an important trend in the future of payment processing.

While these are just a few examples of the trends shaping the future of payment processing, it's evident that the industry is poised for continued growth and transformation. Therefore, only businesses that adapt to new technologies and customer demands will stand out.