The future of payments is digital, inclusive, and transformative—driving financial access, innovation, and global economic empowerment.
The global financial landscape is undergoing a profound transformation. As digital payment technologies evolve, they are revolutionising how transactions occur and breaking down barriers that have long excluded billions from the financial ecosystem.
From mobile wallets to blockchain, artificial intelligence, and real-time payment infrastructures, technology is redefining financial accessibility, empowering individuals, and unlocking new economic opportunities.
According to a report by the World Bank, despite rapid advancements in the digital finance ecosystem, 1.4 billion adults worldwide remain unbanked. These individuals, primarily in emerging economies, face significant challenges in accessing essential financial services due to geographical barriers, lack of formal identification, limited credit history, and insufficient financial literacy.
Yet, paradoxically, according to the World Bank’s Global Findex 2021, approximately 68% of unbanked adults own a mobile phone. This presents a significant opportunity for mobile-first financial solutions to bridge the gap in financial inclusion by providing digital banking, payments, and credit access to those traditionally excluded from the formal financial system.
The rise of mobile money platforms has demonstrated the transformative power of fintech in bringing financial services to those previously left behind. By eliminating the need for traditional bank branches and leveraging digital KYC (Know Your Customer) solutions, fintech companies can onboard users remotely, ensuring that even those in remote areas can access savings, credit, and remittance services.
A case in point is M-Pesa, which has lifted over 2 million people out of poverty by providing mobile-based financial services in Kenya.
With smartphone penetration surpassing 78% globally, digital wallets and mobile-based financial tools have become the most effective way to provide unbanked individuals access to essential financial services.
For migrant workers and cross-border businesses, sending and receiving money across borders has historically been expensive and slow. Traditional remittance services charge high fees, sometimes up to 10% per transaction, as observed in a study by the World Bank.
With the rise of real-time payment settlement networks, cross-border transactions are becoming instant, cost-effective, and more transparent.
Technology innovations and core banking networks eliminate friction in global transactions, making financial services available to those previously excluded due to high fees or long processing times.
Artificial intelligence is transforming risk assessment and fraud prevention in the payment ecosystem. By analyzing alternative data sources, such as utility bill payments or mobile usage, AI-driven models can assess creditworthiness, enabling financial access for individuals who lack traditional credit histories.
AI plays a crucial role in fraud detection and compliance, ensuring that financial inclusion does not come at the cost of security.
Open banking and API-driven financial services are making financial access more democratic. By allowing fintech firms to integrate with traditional banks, open banking creates a seamless ecosystem where customers can access multiple financial services through a single digital platform.
In the UK, Open Banking regulations have enabled new players to develop innovative financial solutions, benefiting small businesses and consumers alike.
By facilitating secure data sharing and interoperability between financial service providers, open banking fosters competition, innovation, and greater accessibility for consumers worldwide.
Beyond its social impact, McKinsey states that financial inclusion represents a $3.7 trillion business opportunity by 2025. Companies that prioritize inclusion are not just driving social good but also unlocking new revenue streams, increasing customer retention, and gaining a competitive edge.
For businesses, the transition to digital payments and embedded financial services is more than a trend—it’s a long-term strategy for global economic growth and financial empowerment.
The future of payments is not just about technology—it’s about empowerment. It’s about ensuring no one is left behind in the digital economy.
As the industry moves forward, businesses, policymakers, and fintech innovators must work together to ensure that technology continues to bridge gaps, foster inclusion, and drive global financial empowerment.
By embracing mobile-first solutions, real-time payments, AI-driven financial services, and open banking, the payments industry can create an inclusive, efficient, and resilient financial ecosystem that serves everyone, everywhere.
The future of payments is not just digital—it’s democratic, inclusive, and boundless.
The Payments Association
St Clement’s House
27 Clements Lane
London EC4N 7AE
© Copyright 2024 The Payments Association. All Rights Reserved. The Payments Association is the trading name of Emerging Payments Ventures Limited.
Emerging Ventures Limited t/a The Payments Association; Registered in England and Wales, Company Number 06672728; VAT no. 938829859; Registered office address St. Clement’s House, 27 Clements Lane, London, England, EC4N 7AE.
Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.
We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.
Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.
Please click the button below which relates to the issue you’re having.
Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association
Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.
For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.
The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.
Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.
Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.
For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.
