The fintech landscape is undergoing fundamental change, with merchants adopting advanced technologies faster than ever to change how we pay and conduct transactions digitally. According to reports by Boston Consulting Group and QED Investors, the sector is about to reach unimaginable heights of profitability, with revenue expected to hit $1.5tn by 2030. The projections further signal the industry’s ability to take a commanding lead in the Global Financial Services Revenue sector with a new dawn of financial transaction usage.
Merchants embracing Fintech could see revenues hit $1.5tn by 2030
The push to this financial pinnacle is driven by the interaction of Artificial Intelligence (AI) and Generative AI, which has received added momentum due to OpenAI’s ChatGPT launch. Fintech steers the way in building tailor-made tools to ensure transaction security, availability, and ease of use for consumers and traders. This development is not only about digital banking but also about creating an environment that enhances the experience of those using online banking and increases institutional involvement in financial operations.
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The expansion of the fintech sector is evidenced by the growing trend of using digital wallets, whereby, according to recent surveys, 66.7% of people in the US now use them for transactions. That trend is accompanied by the rapid growth of Open Banking, which provides financial transparency and encourages automation, significantly lowering the number of manual payment processes.
Fintech acts as a pioneer in the realm of social commerce and hardware innovations. Advances in those areas are a response to emerging consumer expectations of the most convenient payment modes while offering merchants a variety of effective and flexible payment solutions.
