For the advent of the golden era and the whole paradigm shift transition within the digitalized payments world, the preceding year 2020 will ever be etched in the memoirs. Within the commencement of this year in 2021, what really have been put forth is relatively newer, better exciting as well as a progressive swifter dynamic ecosystem that will eventually become the norm. As should it be.
Within the advent of Industrialization 4.0 and commencement of 5.0 era, all of the diverse Financial institutions, Central Banks, FinTech’s as well as pioneered financial payment providers will be left with absolute no other option, however, but to swiftly take on their operations online. Accessing the digitized transformation will no longer be a topic for discussion; with the digitalization and innovation being the latest business operational model.
Across markets, we are viewing out how diverse digitalized strategies are actually influential who are thriving and who are merely enduring. Now with the market has recognized a foundation out for digital platforms, I believe we’ll realize noteworthy strides made within the payment’s innovation arena.
Tougher technological infrastructure will undeniably become the new normal advancing forward. PayU recognises this, and as both as a global FinTech investor as well as a payments operator, our primary objective is to set the stride in high-growth markets, not just keep it.
I’m certain this year we’ll witness a huge financial service player overviewing the subsequent stage of innovation and development. On top of this, one lesson I think we’ve learnt mutually is that transformation can happen much swifter than beforehand envisaged.
In learning this, the evolution prospects in high-growth markets becomes far more compelling to the FinTech’s entering the market. As a result, in 2021 we would expect to witness in more Mergers & Acquisitions in unearthed territories.
As such, digitalized Financial services are now normal – fact. Over the preceding few years, we witnessed them surge to realization, powered by client urge and necessity. This presented a test to those both in the process of digital transformation, and those already transformed. It tested organizations on their capabilities to scale at stride and the reliability of their technology.
At PayU, we’ve always been a digital-initial firm but we still had to take quality assessment of our capacity to serve the upsurge in demand for digital payments. We are very proud to say that we have passed out and met the challenge. For an illustration: – Few of the E-shops we offer our services witnessed a whopping 500-1000% revenue advancement in April and May comparatively to the same periods less than 12 months preceding it.
I’ve always been a durable advocate for the financial services industry occupied closely with regulators and governments to take necessary initiatives, innovation as well as inclusion. Through the preceding year in 2020 these establishments proved that they are also just as talented of adapting swiftly. As such, I believe 2020 has recognized a suggestively diverse pace for innovation, and over the forthcoming decade we will witness this endures apace.
Something else was also anticipated through my vision that we’ll witness within our markets this year is the roll out of central bank digital currencies (CBDCs). Digital currency more approximately will commence to turnaround the real utilization cases emerge, and this is what we are most excited about. The dialogue about crypto has been going on for too long, with not adequate appreciation for the massive potential it has for financial inclusion and global connectivity.
The pace of modernization within this market has reformed now though. Initiatives like Diem, for an illustration, are presenting on how blockchain could democratize and decentralize managing the finances, taking us a substantial step closer to truly accessible financial services for all.