The global online payment industry is assessed to rise from $83.27 billion in 2011 to just under $100 billion by the end of the year 2022, growing at an outstanding rate of 15.6% per year. This indicates the industry is driving from strength to strength as many new solutions, concepts, and innovations are being invented.

This is supporting the fintech industry to expand as well, with current estimations putting its value at $25.8 trillion by the end of this year. So, how does the online global payment industry evolution help in supporting fintech? Let’s discuss the fintech industry before moving ahead.

Fintech abbreviated from Financial Technology is predicted to be a modern trend. Yet the use of technology to help financial services doesn’t mean a recent sensation. Financial services is an industry that presented credit cards in the 1950s, internet banking in the 1990s, and hence the favour of the millennium, contactless payment technology. However, fintech’s place in the public 

Yet, fintech’s place in public ethics has actually carried off in the recent three years.

And these are the primary sectors that support the fintech industry:

Trading Is Most Prevailing in the Fintech Industry

The online trading industry has growled in recent years, and most of it can be put down to the enriched payment modes and diversification. With more choices to make deposits and pay, traders find it more convenient to access various sorts of trading while being comfortable in accomplishing so.

For instance, trading sectors can deliver payments in fiat and crypto, as well as through third-party high-risk payment gateway, mobile eWallets, debit/credit cards, and direct transfers as well. This has directed highly increased interest in trading, comprising those high-risk industries such as travel, casino, IPTV, forex, gaming, pharmaceuticals, dating services, tobacco, e-Cigarettes, IT industry, Social Media Marketing, etc.

In terms of the closing, where acquisitions are instantly bought, big deposits will not be required. For example, if a merchant is interested in buying something, they do not buy any asset instantly. Rather than, they reckon on the increment in the value of the ratio over a specific time. If they are right, they accept funds, if not, they pay the platform. As various sorts of trading become prominent and famous, payment systems must assimilate to simplify it easily and directly.

eCommerce Sector Drives Online Payments Globally

One of the highest interesting sectors in the payment industry is the eCommerce sector. Worth some $4.8 trillion at the end of 2021 and is predicted to expand by the end of this year. It depends almost completely on online payments.

Whereas other payment modes are preferred, comprising buy now pay later, and cash on delivery, online payments reign supreme. 

Credit and debit cards are also very famous, specifically among the previous generation. But merchants also have to regard the evolution of alternative payments like cryptocurrency and stablecoins, as well as major bank currencies. They are rising according to the assumption, and it is smart to deliver a minimum of one alternative method via your eCommerce website. And which you can acquire by opting for a high-risk merchant account. eCommerce is diversifying additionally on different platforms, such as social media platforms like Instagram.

This also needs unique access to payment solutions in the future to expand globally. So, if you want to boost your eCommerce sector globally, an international payment gateway is the best way. There is also an increasing interest in the latest payment modes for in-person payments, such as contactless payments, as well as those via intelligent electronic devices such as home assistants and smartwatches.

Banking Sector Has Great Significance in Fintech Industry

Last but not least, we cannot skip the banking sector. And while doing so, we do not imply traditional banking sectors such as high-street or organizational banks. Over the recent few years, various reputed online banks have been established, as well as other financial organizations that can keep and transfer funds for customers as well as simplify global payments.

Some banks allow storage of funds, instant payments, and currency conversion, and it also provides their own virtual debit card. These sorts of banks have completely changed the way of online payments function. However, taking a big slice of the market away from traditional banks, which have been gradually catching up.

It is fair to note that apps and platforms are drastically changing our access to online payments, banking, and transactions.

The one-stop solution in the Fintech industry for global payments

WebPays, the digital payment service provider for European businesses and entrepreneurs helps customers by saving time and money by delivering access to modern and international payment services. It also provides multiple payment methods for secure payment processing globally, at affordable prices five times better than traditional banks and in the desired currency.