One of the many effects that COVID-19 brought was the adaptation of new technology to financial services, especially payments. The need for e-commerce during social isolation and distancing made new technologies commonplace, in just a few months.
The health crisis became one of the main factors driving the growth of the fintech sector; but, will technology in financial services continue to evolve just as fast, now that the world has learned to live with a pandemic? Let's take a look at the trends that will affect fintech's future in 2022.
The drastic increase in the use of electronic portfolios continues
The technology that makes an electronic portfolio possible has been available to consumers for more than a decade but has never been considered "necessary" compared to a tangible portfolio. Isolation and social distancing made digital payments the method of choice for consumers and turned the electronic portfolio into a more attractive and massive product. As a result, in 2020 alone across the globe, the use of physical money for in-store purchases decreased by 10%, while an increase in the use of electronic money is expected. The drastic growth of electronic money is expected to continue. By 2024, the Financial Information Service expects digital money to account for only 13% of worldwide payments and e-wallets to account for half of all e-commerce payments.
Secure and transparent payments
One of the main trends of fintech in the world currently is the increase in the number of collaborations between companies and payment institutions, to offer a wide range of financial services, respecting all applicable electronic payment regulations. Globally, greater collaboration between banks, payment providers, and the public sector in preventing fraud and money laundering will also be on the rise in 2022.
Regarding the Albanian market, the situation created by the recent crisis, but also by the fact that the Albanian population has low access to financial services (96% of transactions are still performed in physical money), made the Committee on Economy and Finance discuss the adoption, on April 30, 2020, of the Second Payment Services Directive, which is expected to be a very good regulator, especially for FinTech companies. This law is expected to be implemented in early 2022.
EasyPay is your electronic portfolio in Albania
EasyPay for 11 years in a row comes with the biggest trends and innovations realized in developing countries in order to introduce a new spirit in payment methods in Albania. Fintech leader in Albania, EasyPay already offers several payment methods and has become an electronic portfolio in which payments are made for over 35 most needed services, as well as the most popular events in the country.
We look forward to the full structuring of the new Payment Services Legislation as an opportunity to provide more access to the financial market for Non-Bank Financial Entities.
Whatever the challenges from the external market, we strongly believe that:
Providing services based on customer experience;
Innovation and technology;
Increasing the degree of customer trust;
Mutual loyalty;
Quality of Service.
They will continue to be our strongest points to continue our success in the market.
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