Thought Leadership
8 minutes

Updated: 01/03/2024

The payments industry is constantly evolving and 2024 is shaping up to be a year of significant innovation and change. We predict that this year the biggest players in the fintech industry will focus on making payments more convenient, secure, and personalized for consumers. 

The payment landscape is continuously changing due to the rapid development of technology and consumer preferences, making it more essential than ever for businesses to stay ahead of the curve. 

In this article, we will cover the most crucial digital payment industry trends influencing how transactions will develop, and give you the knowledge to make wise choices and keep your competitive advantage.

Taking advantage of the latest advancements in technology and security, customers can expect a seamless payment experience when paying online or at the store. As consumers continue to demand easier and more secure payment methods, we can expect to see the following nine emerging payment trends take center stage, fasten your seatbelt and join us on this thrilling adventure through the world of payment processing trends and the opportunities they bring!

The landscape of digital payments has seen a remarkable evolution, with "trends in payments" becoming a buzzword among industry analysts and enthusiasts. Traditional cash and cheque payments are giving way to more digital and contactless methods, spurred by technological advancements and changing consumer preferences.

Digital wallets and account-to-account payment systems are gaining traction, offering convenience and real-time transaction capabilities. Additionally, biometric verification and AI-driven payment solutions are pushing the boundaries of security and personalization. As we dive deeper into the digital age, these trends in payments highlight a trajectory towards more seamless, secure, and rapid financial exchanges.

We will discuss all the latest trends in the payments industry for 2024 and the key topics influencing change in business and payment practices, ranging from the increasing popularity of cryptocurrencies and the emergence of digital wallets to the growing significance of data security and the developing role of artificial intelligence. 

Innovative peer-to-peer payment app interface showcasing seamless transactions between users, illustrating its potential as a major profit-driver in the payments industry

1. The Increasing Demand for Personalization in Payments 

In the evolving landscape of payments, the emphasis on personalization remains a pivotal trend anticipated to define the year 2024. 

Driven by consumer demand for tailored experiences, businesses are recalibrating their payment processes. This shift aims to seamlessly integrate payments with consumer purchases, optimizing operational efficiency, enhancing privacy, and ultimately elevating customer acquisition.

The growing significance of customer-experience transformation can be achieved by hyper-personalization. As businesses leverage data-driven approaches, the focus on individualized customer journeys in finance becomes paramount. 

The accessibility of item-level data acts as a catalyst, enabling highly tailored payment experiences that resonate with consumers on a deeper level. This trend isn't solely about making payments convenient; it's about creating a seamless, user-centric approach that aligns with evolving consumer preferences. 

Payment processors and neobanks that effectively implement personalization strategies stand to differentiate themselves in a crowded marketplace and build stronger, more enduring relationships with their customer base.

These advancements in personalization aren't just a shift in the payments landscape; they signify a fundamental transformation in how businesses interact with and cater to their Millenial and Gen Z’s customers' needs.

Screenshot of an e-wallet interface, illustrating new features designed to attract unbanked populations in the payments industry

2. A2A Payments Will Drive Profits

The surge in account-to-account (A2A) payments is poised to revolutionize the global payments landscape in 2024. 

While Western markets predominantly rely on digital wallet proxies like Apple Pay and Google Pay, emerging economies such as India, Brazil, and China are spearheading the growth of A2A payments through the adoption of open banking, instantaneous transactions, and robust merchant support. This trend is driven by the promise of faster, cheaper, and more secure transactions, appealing to consumers and businesses alike.

The evolution of instant payments and the support of merchants are catalysts propelling A2A payments' popularity. Instantaneous transactions align with the modern consumer's demand for immediacy, while merchant support amplifies their adoption, the problems occur when bank digital transformation fails or when their infrastructure might be less developed. 

In 2024, the U.S. payments landscape is expected to see significant growth in pay-by-bank services, driven by several factors:

Growing availability of real-time payment rails: The launch of the Federal Reserve's FedNow instant payments service and the Real Time Payments network of The Clearing House will contribute to the growth of account-to-account (A2A) payments.

Increased interest from businesses: Businesses are seeking to avoid card processing fees and gain faster access to funds, driving the adoption of pay-by-bank services.
Increasing democratization of payments: The shift towards more accessible and user-friendly payment solutions will encourage more consumers to adopt pay-by-bank services.

The trajectory of A2A payments is set to influence cross-border and business-to-business transactions. The growing conversation among regulators and the deployment of pilots in 2023 established a solid foundation for the substantial growth expected in 2024. 

The forecasted more than 213,000% growth in global CBDC transaction value by 2030 further solidifies A2A payments' pivotal role in the financial landscape.

By late 2024, hundreds more banks and payment service providers are expected to launch account-to-account faster payment capabilities, urged on by merchant sensitivity around card fees and banks delivering payment solutions to complement open banking.

Action Item

There are several monetization models for mobile payment apps, including charging for premium features, transaction fees, and affiliate marketing. Micro-payments, in-app purchases, membership fees, and selling source codes and APIs can also be effective monetization strategies. The best approach will depend on the specific app and target audience.

To successfully develop a payment application, you must ensure that the system supports a variety of payment methods, such as peer-to-peer within the network, e-commerce, and on-the-spot transactions at retailers. It should also be versatile, scalable, and able to handle high loads without crashing. 

Consider geographical regulations and dispute resolution processes, as well as real-time currency conversion for peer-to-peer systems. Native apps may also be beneficial for e-commerce sites to enable faster payment processing.

When building a money transfer app, it is important to consider the financial regulations in the target market. This includes PCI-DSS compliance and the laws set by individual states or countries the app caters to.

3. Automated Software Will be Used to Secure & Optimize Transactions

According to Fintech Futures, the real-time payment market growth is expected to reach an impressive USD 86.89 billion by 2028, representing an estimated CAGR of 32% from 2022 to 2028. 

New payment rails enable faster, more efficient real-time payments for B2B transactions, which will continue to have a transformative effect on businesses. Plus, the global implementation of the ISO 20022 messaging standard will have a positive effect on real-time cross-border payments and will enhance security and compliance around the world.

The US government will be adding the US FedNow payment service launching in Q2 of 2023, which aims to provide customers with more next-generation, innovative, instant payment offerings. Banks will likely start to take strategic steps towards infrastructure changes to ensure enough flexibility to cope with next-generation, real-time payment types.

In 2024, we believe companies will be using a combination of efficient but expensive real-time payments, and cheap but slow ACH transfers. We recommend using algorithms that can calculate the best and cheapest systems and providers to use, depending on your transaction needs. 

Digital illustration of a secured payment gateway with automated software optimizing transactions in the financial industry.

Other software, like payment gateways, will also be widely utilized and sought after in 2024. A payment gateway is a software application that allows merchants to securely process, verify, and accept or decline payment transactions on their websites or mobile apps. It acts as an intermediary between the merchant's website or app and the payment processing network of the merchant's acquiring bank, enabling customers to make online payments using their credit or debit cards.

Building a payment gateway can be beneficial for businesses because it allows them to offer their customers a convenient and secure way to make online payments. It also simplifies the payment process by automating the handling of transaction approvals and declines and can help businesses reduce their fraud risk and grow their revenue. 

Having a payment gateway can make it easier for businesses to integrate with other payment services and systems, such as payment processors and payment orchestrators. Payment services can automate the optimization of transaction approvals, which can help increase revenue and improve customer relations. 

US Real Time Payments Market Analysis Chart 2020-2030

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To build a payment gateway, you will need to partner with a payment processor and acquiring bank. The payment processor will provide technical specifications for integrating your gateway with their system, and the acquiring bank will provide a merchant account to accept digital payments. 

It can cost between $200,000 and $250,000 to build a minimum viable product (MVP) for a payment gateway, and it may take several months to years to develop the gateway from scratch. 

Alternatively, you can license a white-label product, which can be up and running in a few months, or you can use an open-source solution, which may take less time but requires more development and technical expertise.

4. Digital Wallets Attract Record Number of Users

The proliferation of digital wallets continues its upward trajectory, transcending traditional payment boundaries to encompass digital identity management. The forecasted exponential growth in digital identity apps globally hints at a paradigm shift set to unfold in late 2023 or early 2024, catalyzing widespread adoption in the EU and beyond.

Juniper Research Study predicts that half of the world will use digital wallets by the end of 2024. By 2028, digital wallets are projected to be used for over $16 trillion in payments, and payments made using digital wallets are expected to exceed $10 trillion by 2025, nearly doubling the 2020 figure of $5.5 trillion.

The integration of digital identities into everyday transactions marks a significant leap in the payments processing landscape. Initiatives like the EU ID Wallet (eIDAS2) and Apple's integration of digital driving licenses into its Wallet app are pivotal steps toward seamless integration. This trend extends beyond payment transactions, offering users a centralized hub for storing credentials and identity attributes.

Moreover, forecasts project a substantial increase in digital wallet provisioning and usage by 20% in Europe and North America, driven primarily by non-payment use cases such as identity management, ticketing, and retail loyalty programs. This expansion underscores the evolving role of digital wallets as versatile tools beyond just facilitating transactions.

The convergence of digital wallets and identity solutions symbolizes a transformative shift in how individuals interact with digital platforms, promising enhanced security, convenience, and a more integrated user experience.

We predict that not only will digital wallets increase in use and popularity, but that companies will continue adding innovative features to incentivize and persuade consumers to select their e-wallets, while ‘super apps’, like Paypal, will continue expanding their offerings.

David Barrett, the CEO of Expensify, spoke to Softjourn about the connection he sees between payments and the integration of communication features:

“Payments and chat are fundamentally the same things; every payment is a structured chat to resolve some kind of debt tension between two people. There is a spectrum of functionality between freeform chat and expense management, and every form of payment is somewhere on that spectrum.”

Barrett believes that it’s time for expense and other platforms to step up their game by adding communication features - like Slack, SMS, or WhatsApp - but optimized for financial conversations at work and between friends.

Digital Wallet Usage Projection

Action Item

When we advise clients on building a digital wallet, we suggest they do the following:

  1. Research the market to understand the needs and preferences of potential users.
  2. Choose the technologies that will be used to transfer payment information and complete transactions. These may include NFC, Bluetooth, and QR codes.
  3. Implement security measures such as point-to-point encryption, tokenization, and password protection to ensure the safety of users' payment information.
  4. Design the user interface and user experience (UI/UX) to be simple and intuitive. This will make it easy for users to navigate the app and use its features.
  5. Develop additional features that will make the app more useful and appealing to users, such as loyalty rewards, bill splitting, and push notifications.
  6. Test the app to ensure that it functions correctly and all security measures are in place.
  7. Launch the app and promote it to potential users.
  8. Continuously improve the app based on user feedback and market trends. This may involve adding new features, improving existing ones, and addressing any technical issues.

To build a successful digital wallet, we recommend collaborating with a reliable software development partner with expertise in the payments industry. This will help ensure that the app meets the needs of users and stands out in a competitive market.

Crypto wallet interface showcasing Web 3.0 integration in the payments industry

5. The Emergence of Web 3.0 in Payments

Web 3.0 is the third generation of web technology, which focuses on the integration of structured data and intelligent services to enable the web to understand and fulfill user intentions. In the context of payments, Web 3.0 can be used to enable more intelligent and personalized payment experiences for users.

For example, Web 3.0 technologies can be used to enable users to make payments using natural language processing (NLP) and voice commands, allowing them to simply tell their device what they want to pay for and how much they want to pay. Web 3.0 technologies can also be used to enable more personalized payment recommendations and offers based on a user's past payment history and preferences.

Additionally, Web 3.0 technologies can be used to enable more transparent and secure payment processes, using technologies such as blockchain and smart contracts. These technologies can be used to create immutable, decentralized payment networks that allow for secure and transparent tracking of payment transactions.

The current cross-border payment system has issues with intermediaries, long transaction routes, and lengthy screening processes, causing delayed payments. Web 3.0 technology will improve this by connecting global banks and making the system more efficient, affordable, and interoperable, resulting in simpler liquidity management and treasury operations. 

The adoption of Web 3.0 has been limited in the past by API connectivity between Web 3.0 and Web2, but recent innovations in API connectivity will create new opportunities for open banking in the Web 3.0 ecosystem.

Web 3.0 technologies have the potential to enable more intelligent, personalized, and secure payment experiences for users. While these technologies are still in the early stages of development and adoption, we predict that they will be more widely used in the coming years, and are a payment trend that might be worth considering for early adopters.

web3 in fintehch

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If your fintech business is looking to implement blockchain and Web 3.0 technology, look no further than Softjourn. Our team of experts has extensive experience in implementing innovative technologies for fintech businesses, helping them to drive innovation and deliver enhanced payment experiences for their customers. 

6. The War Against Cybercrime Continues in 2024

With the rise of digital payments comes heightened concerns about cybersecurity. Financial institutions are intensifying their efforts to combat cyber threats with ML and AI and protect customer trust. Technologies such as tokenization, machine learning, and advanced encryption are being deployed to fortify digital payment ecosystems against potential vulnerabilities.

The imperative to safeguard sensitive information has never been more critical, given the financial sector's escalating cost of data breaches. The proactive adoption of robust cybersecurity measures is imperative to mitigate the risks associated with cyber-attacks.

The need for a collaborative approach between industry stakeholders to tackle cyber threats is gaining prominence. With the average cost of data breach worldwide is $ 4.35 million, according to Statista's data, banks will continue to invest in technologies able to fight cybercrime in 2024.
The fight against cybercrime isn't merely a reactive measure but an ongoing commitment to fortifying the infrastructure supporting digital transactions, ensuring the integrity and security of the payment ecosystem.

Latest trends in payments industry - New Fraud Prevention Methods


For example, in the past years, Revolut set itself apart with its award-winning fraud prevention. They use a combination of facial recognition and other biometrics, PIN codes, and SMS for login, as well as utilizing payment security such as single-use virtual disposable cards, temporary card freezes, and an automated security system.3

The Ireland-based Encryption-as-a-service company, Vaultree, recently raised $12.8 million in funding to create the first fully functional data-in-use encryption.4 Vaultree's end-to-end encryption allows users to work with fully encrypted data without needing to decrypt the information or surrender security keys. Unlike traditional data-at-rest or data-in-transit security controls, Vaultree's technology protects data all the time, whether in use, at rest, or in transit.

In 2024, we will see more companies in the fintech industry implementing Machine learning (ML) and Artificial Intelligence (AI) to prevent payment fraud. By analyzing past data and developing a mathematical model to determine normal user behavior, ML helps financial institutions monitor customer spending habits and detect any unusual activity, without inconveniencing the customer with additional verification steps.

With the recent news that OpenAI's ChatGPT can be customized via an API, we expect the spend industry to start developing specialized AI models that transform processes like expense and spend management. For example, Or an AI model might build better insights around the ROI of spend based on contextual evidence. 

Head of Corporate Strategy at Emburse, Omar Qari, expects that in the spend industry, specialized AI models will transform expense management. He provided Softjourn with an example, “One type of AI model might provide the full rationale of any transaction based on emails, calendar, sales call notes, and CRMs so the finance department doesn't have to ask individual employees to justify expenses.”

Action Item

There are a number of ways that businesses can prevent digital payment fraud. Some of the key measures that businesses can take include implementing strong security measures, such as:

  • Encryption
  • Two-factor authentication 
  • Tokenization
  • Regularly monitoring for suspicious activity
  • Responding quickly to any potential threats
  • The use of digital IDs
  • Utilization of ML for fraud detection

Additionally, businesses can work with payment service providers and other partners who have experience in preventing and detecting payment fraud to help identify and mitigate potential risks.

Latest in payments industry - Banking-as-a-Service and APIs

7. Buy Now, Pay Later (BNPL) Continues to Allow More Spending Across Markets

Companies are embracing embedded lending as one of the newest fintech strategies for business growth. 

According to Future Market Insights, the embedded lending industry in the US alone is predicted to grow at a CAGR of 19.4% in the coming years and top nearly $32.5 billion by 2032. Buy Now, Pay Later (BNPL) platforms are at the forefront of embedded lending for B2C businesses and are expected to outperform all other forms of unsecured lending soon.

The major market players are highly investing in research and development to improve the technical features of BNPL systems. Industry players have attempted several strategic initiatives, including supplying varied product ranges, joint ventures, mergers, acquisitions, and collaborations. These tactics help firms and market players to gain a stronger presence in the global BNPL market.

Buy Now, Pay Later (BNPL) has transcended its origins to become a cornerstone of consumer payments, with 2024 to witness its further evolution and integration within the financial landscape.

The appeal of BNPL for consumers lies in its convenience and accessibility, enabling immediate access to purchases while deferring payments over subsequent weeks or months. During the COVID-19 pandemic, BNPL experienced a surge, capturing the attention of consumers seeking flexible payment options and managing expenses amidst economic fluctuations.

What distinguishes BNPL is its appeal across diverse consumer segments, extending beyond millennials and Gen Z to encompass a significant portion of shoppers. Federal Reserve Bank of New York data indicates that nearly one-fifth of consumers have embraced BNPL, reflecting its increasing relevance in the payments ecosystem.

Companies, too, have recognized the significance of BNPL in driving sales and enhancing customer engagement. From retail to e-commerce, businesses leverage BNPL to augment basket sizes, close sales, and cater to consumer preferences for flexible payment structures.

The market's competitive landscape witnesses a multitude of players vying for market share. Dedicated BNPL providers, banks, tech giants like Apple, and other financial institutions have entered the fray, intensifying competition and spurring innovations within the BNPL space.

The year 2024 is anticipated to mark a pivotal phase in BNPL's trajectory. Regulatory scrutiny, concerns regarding responsible lending, and data privacy issues loom on the horizon, prompting industry stakeholders to navigate a potentially more regulated landscape.

BNPL providers are ready to innovate further, diversify their offerings, and extend their services into brick-and-mortar commerce. Apple's introduction of Apple Pay Later exemplifies the potential disruptions within the market, foretelling a future where seamless digital wallet integration becomes the norm.

As companies and consumers continue to embrace BNPL's flexibility and accessibility, its role in reshaping payment behaviors remains pivotal.

The Buy Now, Pay Later (BNPL) trend in the Business-to-Business (B2B) sector is becoming increasingly significant in the modern financial landscape. This shift reflects an evolving approach to business financing and credit management. Let's dive deeper into the key trends you've identified:

  1. Increasing Adoption: The growing popularity of B2B BNPL is driven mainly by its ability to offer flexible payment options, which are particularly appealing in today's dynamic market environment. Traditional credit models often do not cater to businesses' unique challenges and cash flow dynamics. The structured B2B BNPL solutions provide an alternative that aligns better with business operations, helping companies manage their finances more effectively. This trend also indicates a broader digital transformation in financial services, where convenience and flexibility are paramount.
  2. Business-Specific Benefits: One of the most significant advantages of B2B BNPL is its ability to offer liquidity and budgeting solutions tailored to businesses' needs. This contrasts generic financial products that may not address specific business challenges. For instance, companies can use BNPL to manage cash flow more efficiently, ensuring they have the capital needed for critical operations or growth opportunities without the immediate financial burden. This can be particularly beneficial for small and medium-sized enterprises (SMEs) that often face challenges accessing traditional financing.
  3. Specialization and Innovation: The specialization within the B2B BNPL space is a response to the diverse needs of different industries. BNPL providers can offer more relevant and efficient services by automating traditional net terms and providing industry-specific platforms. This trend towards customization and innovation demonstrates a deeper understanding of various business sectors and their unique financial requirements. It's a shift from a one-size-fits-all approach to a more nuanced, sector-specific strategy, which can include differentiated terms, credit limits, and repayment options based on industry risk profiles and cash flow patterns.
  4. Leveling the Playing Field: Historically, smaller businesses and specific B2B sectors have faced challenges accessing flexible credit options commonly available to individual consumers or larger corporations. The emergence of B2B BNPL platforms is democratizing access to credit, providing smaller and medium-sized businesses with opportunities that were previously out of reach. This is particularly important in an economy where small businesses play a crucial role. By offering these businesses the same financial flexibility typically reserved for larger entities or B2C customers, B2B BNPL is helping to create a more equitable and inclusive business environment.

In conclusion, the rise of B2B BNPL is a transformative trend in the business financing landscape. It's not just about offering another credit option; it's about rethinking how businesses manage their finances to better align with their specific needs and the challenges of the modern economy. The trend reflects a broader shift towards more personalized, flexible, and digital-first financial solutions in B2B.


Payment trends: Growing Demand of BNPL services, showing statistics on why consumers like buy now pay later

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As payments become digitized, old payment methods are reappearing. Consumer financing goes beyond loans with high-interest rates and credit cards. Fintech platforms, FI, and payment gateways offer flexible payments as consumers shift from traditional to online shopping..

There are several perks to having for your business:

  • Higher conversion rates
  • Greater Average Order Value (AOV)
  • More customer insights
  • Fewer abandoned carts
  • More repeat business

Staying at the forefront of the financial industry is only possible through regular innovation. Softjourn has developed BNPL solutions for our clients, enabling them to offer BNPL to their brick-and-mortar, m-commerce, and e-commerce merchants.

During our collaboration with our client, UPC, we created an attractive BNPL solution for their existing and new clients, providing their customers with less risk of a chargeback, more choices of installment payment plans at checkout, and payment methods that would suit the budget of their customers.

8. AI Revolutionizes AML Tools for Enhanced Regulatory Compliance

Juniper Research forecasted a surge in global spending on regulatory technology to $207 billion by 2028, heralding a significant paradigm shift in the financial landscape. 

Despite continuous strides in digitalization, many banks grapple with the intricate web of regulatory requirements. The advent of new technologies, particularly Artificial Intelligence (AI), promises to revolutionize Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) compliance, making processes cost-effective and more efficient.

Integrating AI-driven solutions in AML tools presents an opportunity to streamline cumbersome compliance procedures. These technologies are set to simplify and fortify Customer Due Diligence (CDD) and Know-Your-Customer (KYC) processes, augmenting human performance, and swiftly responding to emerging threats. This augmentation expedites compliance efforts and bolsters accuracy and efficacy in detecting suspicious activities. 

The evolving landscape demands a proactive stance, prompting AML vendors to pivot toward developing advanced AI-powered systems. Another successful way to ensure compliance in finance is to conduct regular code audits to ensure compliance with the latest regulations. 

Juniper's projection for 2024 underscores the industry's shift towards more sophisticated AI-driven solutions tailored to meet the accelerating rate of change in payments.

AI's transformative impact extends beyond automating routine tasks: 

  • it encompasses the capacity to analyze vast datasets
  • identify intricate patterns
  • adapt to evolving risk landscapes

Furthermore, the integration of AI in AML tools offers a cost-effective solution, reducing operational overheads while enhancing compliance efficiency. The ability to swiftly detect anomalies and potential risks significantly minimizes potential financial losses associated with non-compliance.

The collaboration between AI technologies and human expertise represents a formidable alliance in the fight against financial crimes. By empowering human analysts with AI-driven insights, institutions can optimize their resources, redirecting focus towards more complex investigative tasks while AI handles routine processes.

In essence, the convergence of AI and AML tools symbolizes a critical juncture in the financial industry's evolution. 

The anticipated focus on developing more advanced AI-powered systems in 2024 signifies an unwavering commitment towards harnessing technology to fortify regulatory compliance efforts. As financial institutions embrace these innovations, they pave the way for a more secure, efficient, and compliant financial ecosystem, ensuring integrity and trust in global financial transactions.

Other Trends to Keep an Eye On in 2024

APIs to Drive Banking-as-a-Service Growth

Banking as a service (BaaS) is a model in which traditional banks partner with fintech companies to provide banking services through APIs. This will allow fintech companies to offer their customers access to a wide range of banking services, such as account opening, money transfer, and credit card issuance, without having to build and maintain their own banking infrastructure. 

Mobile banking is now used by 78% of the U.S. population, with over 80 percent of millennials using digital banking in 2022.6 The overall number of digital banking users worldwide is expected to reach 3.6 billion by 2024. As Gen-Z and millennials take over the banking market in the coming years, it will be essential for banks to integrate mobile services if they plan to stay competitive.

BaaS can help fintech companies quickly and easily expand their services, and can also benefit banks by providing them with a new source of revenue and a way to reach new customers. We expect BaaS to become increasingly popular as more fintech companies look for ways to offer their customers a wider range of financial services.

Some of the benefits of banking as a service (BaaS) include:

  1. It allows fintech companies to quickly and easily offer their customers access to a range of banking services, such as account opening, money transfer, and credit card issuance, without having to build and maintain their own banking infrastructure.
  2. It can help fintech companies to expand their services and reach new customers more quickly and easily.
  3. It can provide traditional banks with a new source of revenue and a way to reach new customers.
  4. It can enable fintech companies to offer their customers a more comprehensive suite of financial services, which can increase customer loyalty and retention.
  5. It can provide a more seamless and convenient experience for customers, who can access all of their financial services from a single platform.

Features of Mobile Banking Apps Customers Used the most in 2022

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To offer banking as a service (BaaS), a fintech company will typically need to partner with a traditional bank that has the necessary infrastructure and regulatory licenses to provide banking services. The fintech company can then use the bank's APIs to access and offer these services to its own customers.

The fintech company may also need to integrate its own systems with those of the bank in order to enable smooth and secure transactions. Additionally, the fintech company will need to comply with relevant regulations and ensure that it has the necessary security measures in place to protect customer data and transactions. Softjourn has helped multiple clients remove the burden of complicated integrations - reach out to us for a stress-free integration solution.

Payments industry trends - expense optimization

Companies Will Continue to Optimize Business Expenses

2023 was anything but calm. We’ve seen a tenuous economic situation, fraught with the after-effects of a global pandemic, Russia’s war in Ukraine, an unstable political climate, and layoffs at FAANG, Twitter, and other large-scale companies. 

During uncertain times, business leaders are often tempted to make short-term decisions that negatively impact their long-term strategy. This includes broad reductions in investments in technology, innovation, talent, office modernization, and customer experience. 

While it is smart to conserve your cash flow by limiting spending, it is also important to strategically hire and invest in technology that provides your fintech with the greatest long-term value. Overall, we suggest fintechs react carefully to economic developments, and not cut costs rashly. 

Many of the top companies in the world – from big tech companies like Google and Apple to massive players in the Fintech Industry like Visa and Mastercard – rely on a software development partner to secure global technical talent, improve the quality of services, and reduce costs.

If you want to save time and money, focus on your core competencies, access a global talent pool, and gain invaluable fintech and payments-focused consulting services, consider hiring Softjourn's skilled R&D teams in 2024. Our expert developers and analysts have extensive experience in the financial technology sector, enabling us to provide cutting-edge solutions tailored to your specific needs. From developing secure payment gateways and mobile banking apps to implementing blockchain technologies and conducting in-depth market research, we have the expertise and resources to handle various tech tasks.

Our fintech consulting services will help you navigate the complex landscape of digital payments, ensuring that your business stays ahead of the curve in an increasingly competitive market. By partnering with Softjourn, you'll benefit from our team's deep understanding of the latest industry trends, regulatory requirements, and customer expectations. We'll work closely with you to identify areas for improvement, optimize your processes, and develop innovative solutions that drive growth and enhance customer satisfaction.

With our help, you'll be able to achieve efficient and high-quality results while freeing up your internal resources to focus on your core business objectives. Contact us today to learn more about how our fintech consulting services and skilled R&D teams can help your business succeed in 2024 and beyond.


With the quickly expanding market for digital wallets, P2P apps, and payment gateways, we predict 2024 will be all about making payments exceedingly frictionless for consumers, both online and in-person. 

In the ever-evolving landscape of digital transactions, payment processing trends significantly shape how businesses operate, and consumers interact with them. 
As we continue navigating the digital age, blockchain technology, mobile payments, cashless payments, and AI-driven fraud detection are among the top trends revolutionizing the future of the payment processing industry. 

Blockchain promises enhanced security and transparency, making it a potential game-changer. Meanwhile, the surge in smartphone usage has seen a corresponding rise in mobile payments, making it necessary for businesses to provide seamless mobile payment solutions.  Additionally, AI and machine learning algorithms are playing a crucial role in fraud detection, helping to ensure the safety of online transactions. These trends aren't just fads; they're shaping the future of commerce, requiring businesses to adapt or risk falling behind.

Plus, with the emergence of Web 3.0 and new cybersecurity practices, payments will also be more secure and personalized for patrons. As payments develop to become more convenient and consumer-centric, we are certain there will be exciting innovation and competition in the year ahead.

1. Bet on These 6 Ecommerce Payment Trends (2023) Shopify
2. Spend with confidence Revolut
3. Vaultree Raises $12.8 million Series A Funding Round to Meet Customer Demand for World’s First Fully Functional Data-in-Use Encryption BusinessWire
4. Digital Banking Survey: How Americans Prefer To Bank Forbes Advisor
5. P2P Payment Market Size is predicted to Reach at USD 9,135 Billion by 2030, Registering a CAGR of 19.7%, Owing to Increasing Smartphone Penetration and Evolving Digitalization GLOBE NEWSWIRE
6. Building the AI Bank of the Future McKinsey
7. Real-Time Payments Market to Rise Fintech Futures
8. Digital Wallets: Platform Analysis, Key Trends Juniper research
9. Cyber Crime and Security Statista
10. Embedded Lending Market Future Market Insights
11. Regtech Spend to Surge to $207bn by 2028, as AI and ML Unlock Efficiencies Juniper Research