IN A NUTSHELL: 50 Payments Performers Summarize 2021
If 2020 was a year of breakdowns, 2021 is a year of breakdowns. Digital is coming to all industries and all businesses, bringing not only change, but in short, transformation.
At the start of Q4 2021, digital transformation was already having an impact on everything we do in the digital-physical hybrid world that has been drawn up this year for a start in 2022, changing the way we eat, travel, play, work, get health care and, most importantly, how to pay for everything. PYMNTS asked some of the smartest people about payments to sum up the year and put them together in an eBook.
Some of the changes we have undergone are obvious, such as the decline in bank branches. Other changes are more nuanced, such as changes in credit as traditional cards and buy now, pay later (BNPL) divide the market based on consumer needs and preferences.
Environmental, social and governance (ESG) strategies come into the framework as a set of necessary and valuable business strategies.
initiatives. The consumerization of B2B payments brings new levels of ease and precision to back office operations.
Telehealth is proving to be the rare and genuine game changer as a massive and ancient health system digitally reconstitutes itself.
Automating Accounts Payable (AP) and Accounts Receivable (AR) is improving accounting in a way treasurers dreamed of just a few years ago. Loyalty is reaching new levels of engagement, building consumer affinity and increasing order sizes, fueled by apps and QR codes that have subtly become mainstream. Advances in digital identity, including biometrics and rich data sets, are putting cybercriminals on the defensive, as artificial intelligence (AI) and machine learning are making these solutions smarter.
Cryptocurrencies are shaking their exotic reputation as supporters seek new ways to integrate crypto into the financial system even as regulators and some executives question its nature as a speculative investment or a spendable asset.
Along with crypto conversations, there are ambitious blockchain plans, all of which seem almost dated as we delve deeper into the upcoming metaverse and its experiential commerce.
Perhaps the most significant developments are in what we call the connected economy – the vast collection of interoperable ecosystems in each vertical industry – but interdependent because of how payments are relevant and crucial to each.
See also: Digital identifiers help simplify the connected economy