Top Fintech & Payment Trends 2022

good afternoon and welcome to juniper

research's top fintech predictions for

2022 webinar i'm nick maynard head of

research at juniper research and with me

today head of analytics and forecasting

sanbarka and senior analyst susanna

hampton

so today we will talk you through our

top fintech predictions for 2022 but to

begin with a brief introduction to

juniper research and our top fintech

predictions

so juniper research specializes in

identifying and appraising new

high-growth market sectors within the

digital ecosystem with a focus on the

fintech and payments market

we provide market research and

content across over 50 technology

markets these research reports form the

basis on which our expert analysts make

these predictions

you can see some of our customers there

who benefit from those insights

so

this is our third year of publishing a

set of specific fintech predictions

alongside publishing a long-standing

technology trends list

in order to form the list we look at a

number of metrics firstly we look at

what legislative changes are planned

what products have been recently

launched or planned for launch and which

technologies are anticipated to have the

highest disruptive potential in the

market

our analyst team then whittles down a

long list of potential trends which are

then ranked on their likely overall

impact in 2022 to give us our set of top

fintech predictions for the year ahead

so

what does the next year hold in store

for fintech and payments

for this year we've decided to focus on

five bigger trends within the fintech

and payment space these five trends can

be transformative and what we'll be

discussing throughout today's webinar

now five is instant payments

accelerating but roots still room for

innovation

at number four we have digital identity

will crystallize around a wallet based

approach

and number three we have open banking to

transform into open finance and embedded

finance

at number two we have digital wallets

and buy now pay later to merge

at number one we have surging e-commerce

fraud to accelerate machine learning

tokenization and biometrics so some

really fantastic trends here we'll be

talking through

now over to susanna for number five

instant payments accelerating there's

still room for innovation

thanks very much nick

now

instant payments have had a really

transformational impact on the payments

landscape overall both through their

speed and also the creation of increased

connectivity amongst this all the

stakeholders in the ecosystem

and this past year has seen

instant payments spread and grow quite a

lot

so

the pandemic was a catalyst for a number

of instant payment schemes as well as

being a driver of innovation for the

payments market more broadly um and then

later in the webinar we're going to hear

a bit more about open banking open

finance and embedded finance from nick

however there is a lot of variance in

terms of how these instant payment

schemes are being rolled out and

leveraged

systems like sepa have seen in eu

instant payments gaining traction and in

some countries

commonly those with high unranked

populations um they're further ahead

with deployment than other countries

the in the u.s the system is much more

fragmented so far but there are

initiatives planned at bridging these

gaps um there needs to be a lot more

work done on scaling up the real-time

payments network and fed now is due to

launch in 2023

and so this year we are going to see

card networks and some of the larger

payment companies rolling out some new

value-added services as well as seeing

payment hubs offering omni-channel

capabilities

so looking at picks in brazil as an

example

brazil is a country with about 45

million unbanked citizens

pix was launched by the central bank of

brazil in 2020 and it modeled europe's

separate payments

and it was launched in an effort to

bridge this gap between the existing

payment methods and the increased

digitalization of the country's economy

my pics have seen really rapid growth in

both users and in transaction volumes in

the short time since it's launched

um at the time of launched it had around

750 companies using the system to accept

payments

and this includes uber

in the first week of operations it

registered 12.2 million transactions

and by february 2021

banks were using picks as an overlay

system to enhance customer experience so

for example launching picks payments

through whatsapp and this sort of

development could be a key focus for

innovation going forward

and the

juniper research sees that pix is likely

to have a really big impact on the

digital ecosystem in brazil going

forward um it's going to help to foster

cooperation as well as competition

between players in the ecosystem

so why 2022

well

as i mentioned earlier the pandemic has

had a significant impact on the demand

for and the shift to instant payments

the expectations of customers and

businesses around speed transparency and

for lower costs for making payments is

already a tipping point as as a result

of increasing internet and mobile

technology

um additionally um the growth of

e-commerce has meant the car payments

are often falling short of expectations

in terms of convenience

and instant payments offer a much more

secure alternative which is accessible

and transparent

and the pandemic also highlighted the

importance of instant payments as a way

to drive financial inclusion

for example in india

instant payment rails are being used to

engage rural communities and serve

underserved population segments

so the rapid growth of these instant

payment schemes is helping derive

financial inclusion in these markets

where access to banking and digital

payments has been limited but access to

mobile phones is increasing

so with this global growth in demand for

instant payments we're going to see new

entrants fintechs payment network

operators

card companies

and they're going to be offering instant

or near instant payment capabilities and

quite clearly this poses a threat to

both card payments as well as legacy

banks and how they operate

we're already seeing card networks

offering real-time payments for example

mastercard vocalink and send

and card networks have a real advantage

here because they can leverage existing

card rails as well as existing

relationships with stakeholders across

the entire value chain such as central

financial authorities financial

institutions and also end users

we're already seeing cloud-based payment

hubs offering instant payment

capabilities and these offer in easy

integration with existing banking

systems and also important to note the

planned 2022 completion of

the migration to swift iso 2002

is going to be enabling the role out of

cross-border instant payment schemes but

these are going to take longer to scale

given the complexity so we're not

expecting all that to be fixed in 2022.

so who who's going to benefit well

for banks instant payments are allow

much faster reconciliation um processes

are much more streamlined and far less

expensive than legacy payments

so the iso

222 standards will enable increased

levels of payment automation through the

standardization of data

and this has got implications for the

automation of workflows informing

real-time risk decisioning

also

know your customer and anti-money

laundering measures

and it's going to help to reduce

operational errors caused by manual

processes

for snes instant payments offer

much improved financial control

the ability to streamline b2b payments

maximize cash flows

facilitate reconciliation and also

improve treasury management

they reduce friction enable greatest

transparency for b2b payments and also

these iso 2022 standard obliges data

entry for confirmation purposes

so it supports the data around

transactions

and which is going to make it easy to

use the information to reduce the risk

of fraud in transactions

for consumers

instant payments offer faster

transactions and a much smoother payment

experience so um as we see it the

rollout of instant payment schemes as

this gathers pace there will be an

increased expectation of speed from

consumers when it comes to payments

so general research anticipates that the

total volume of instant payments in 2022

will exceed 102 billion

so and this is the result of the growth

that we've discussed here in the various

forms of incident payment so for example

request to pay

target instant payment settlements sepa

and also the aforementioned rollout of

iso 2002

you can find more information

in our instant payments report available

on the juniper research website and also

um important to note i think here in our

blockchain in financial services

research we also talk a lot about the

potential for blockchain in cross-border

incident payments

so using encrypted distributed ledgers

to enable secure real-time transaction

verification

which eliminates the requirement for

banking clearing house intermediaries or

third-party verification and this report

is also available on the junior research

website

now over to sam for trend number four

thank you very much susannah

our next trend is that uh digital

identity will crystallize around a

wallet-based approach

so

digital identity is not a new concept

it's been forming for a long time but

it's been opened as to which way uh the

market is going to head the identity

space is one that's very much about

interoperability the exchanging data is

more important than other technology

areas

in existing uh global initiatives and

standards such as uh e-i-das and nist

as well as non-profit groups like the

open id foundation we've been doing the

groundwork to set engagement rules and

form a united approach not only for

inter-device but also cross-border

interoperability

and we believe that the momentum behind

development this coming year is behind a

wallet-based approach

firstly uh two examples of frameworks

that are being developed or in

development

are apple's digital identity scheme as

well as the eu initiatives such as

e-i-das itself

digital identity demand surges in the

form of these mobile wallets such as

mobile driving license and travel pass

use cases interoperability is going to

be the factor that holds the key to

accurate verification

and we believe that this is going to

help establish the solid foundations for

future digital identity systems

and user permission is is certainly the

way we think it's going to go and the

wallet based approach is is going to be

the strategy that's going to enable this

and

over the

next year these concepts will certainly

be putting users

much more in control over their own

digital identity

so if we just have a quick look at how

digital identity is forming in europe on

the left there what you can see is how

it's currently done so first people will

set up a bank appointment uh they'll be

meeting at the bank providing the paper

documents themselves which they they

hold on to bank will send a proposal

over and uh that leads to yes another

appointment at the bank

in which agreements can be signed

however under the new initiative this is

a much simpler process first and

foremost uh the user has all their

documents ready for them they are as we

say

user permission the the user will have

control over their their own documents

and the user will be the one that

selects the required documents that can

be made available to the bank therefore

uh limiting the amount of information

given away to third parties that may be

um people may have sensitive information

once the bank receives those documents

which is done electronically

the process is much simpler to to fill

out the the blanks in the application

process

essentially the the new initiative is

reducing the time it takes for the the

process to be complete

but why do we think this is going to

happen in 2022

firstly uh apple and e-i-das uh have

come at the the right time at the moment

so

you know identification is a right that

needs to be uh provided free of charge

and digital identity has the potential

to to overcome some of the obstacles

that are based uh

you know

in countries where uh these systems are

unable to supply their own systems with

means of identification and we believe

that this is the year that uh identity

is going to be um transformed digital

identity uh systems that are built for

uh employees not uh non-employees

consumers and citizens uh need to work

for all types of users the underlying

technology you know is in place in the

case of uh in this year we expect more

focus to be on these digital identity

systems

and then more importantly eliminating

biases and algorithms and

underlying technologies uh using

identification verification is going to

pave the way to achieving equal access

to digital identity

so one of the things that uh it will

come with this rising interest is fraud

my digital identity is certainly a

technology that can uh

be used to fight it at the moment uh

with the standardization story

standardization of processes uh meaning

that the fraudulent tactics and even

more importantly the the innovation that

we're going to see in portugal tactics

will become

even increasingly more difficult to

commit fraud given the standardized

nature of these new frameworks

so who will benefit

firstly business and services using

identification uh we've split out um

three there banks and financial

institutions are obviously going to be

one now uh talking of banks uh

onboarding processes are something that

are uh you know constantly evolving and

digital identity is obviously a

significant part of that most bands at

the moment use their own systems and

they're done to just me they know you

know your customer guidelines how the

new digital identity frameworks are are

a bit different and they're set up using

a single third-party uh

indemnity

but the benefits for the banks you know

are wide-ranging firstly it's obviously

going to be cheaper uh you know access

to standardized digital identity

frameworks means that processes will be

more smooth

and as a result this means that this

will lead to a reduction in in cost and

times that banks use on these onboarding

processes themselves

and

the other two government services and uh

mobile network operators will also

benefit from a more simple onboarding

process uh you know the ability to add

somebody's

uh sorry to verify somebody's identity

sorry

and the the last beneficiary will

obviously be the end users themselves

from an end user's point of view this

allows them to

have their identity and identity

verified more more efficiently is simply

for the end user

and whilst uh

savings may uh be significant on on a

case-by-case basis if you were to take

into account the aggregate of all these

digital identity verification checks the

the savings can be somewhat significant

and now we move on to our own research

so uh in our in our uh research we found

that the global

digital identity revenue from digital

identity services will reach uh exceed

30 billion dollars this year rising 250

billion dollars by 2026. if you'd like

more information on on

these figures and this information as

well as our strategic recommendations

for digital identity vendors

or

i suggest

checking out

two pieces of research that uh juniper

research currently offer digital

identity and digital identity

verification

and now for number three so uh back to

you nick

thanks very much sam um

moving on to uh open banking and i think

this is a really important topic

what we're seeing is a lot of progress

being made

in open banking we've we've talked about

open banking for a long time

in terms of

the basic capabilities we've talked

about apis being connected to banks

we've talked about banks participating

in in those schemes and sort of the

availability of those apis but

fundamentally we think we're now getting

to a stage where open banking is moving

beyond those basic capabilities to

more advanced use cases and

we can see a sign of this progress and

the uk recently passed the milestone of

five million users um using open banking

in the uk so that that's a really

significant milestone and the uk has

been a a significant leader in

open banking implementation today

so what we are seeing is these more

advanced use cases uh coming to the fore

so we have open finance this

is a term often used interchangeably

with open banking but actually it means

so much more than just open banking it

means encompass encompassing more

financial services so this can include

things like credit cards mortgages

insurance but there are so many

potential use cases out here so this can

enable a user to really manage their

whole financial life using open finance

api connections using aggregation

platforms so there is a significant

amount of potential here

and this is the same for embedded

finance and this has been a

very highly active area of consideration

within fintech for some time and

ultimately what embedded finance is is

embedding financial services activities

and offers into a non-financial services

area so this can be massively

transformative and this is going to lead

to increased competition

and new

business models that we haven't even

thought about that we haven't even

considered so this is going to be really

really exciting

this is particularly important when you

consider that a lot of big brands a lot

of big technology brands are looking to

broaden their revenue streams so

embedded finance gives them great

opportunity to do that and to add new

capabilities to what they do

and those infrastructure providers who

actually provide the the nuts and bolts

and the the basic capabilities within

this area

they're going to increasingly brand

their services as open finance and

embedded finance to really increase

their market appeal increase their

momentum and really their impact that's

going to be very important

what we're also going to see is

a lot of benefits and let's look a bit

about how these models are changing

so this is where we are now open banking

is here we have account aggregation

under that that's been a very important

skill

and service for a lot of people and we

also have spending insights it gives

people insights into their spending they

never knew they could have so we are

seeing significant benefits from open

open banking to date as well as payment

payments

is a big area and open banking payments

are going to be huge

what we're going to see is we're going

from this traditional model to open

finance more broadly so that means

broader account aggregation

having more accounts able to work within

this ecosystem

spending

and credit insights so learning more

about those elements of the financial

life that aren't really very effectively

tapped

and also

payments and lending so

not just the payment settlement but

intelligently using these connections to

trigger lending and support lending so

there's really significant potential

here in in terms of

what can be done

we're also going to see embedded finance

and this means fundamentally increased

competition if more people can access

the market more readily then that's

going to be

a more competitive environment and that

is going to introduce challenges for

vendors but also more choice for users

which is always a great thing

it provides that access to new entrants

which will generate that that

competition and it also offers the

possibility of selling fintech services

as a value-added service

which is when you think about it

fundamentally transformative to the way

financial services are sold and consumed

if that's realized so we're going to see

some really significant changes here

so why 2022 and it's a good question and

it is very very important to

make sure that we understand that this

isn't universal

we are seeing differences in how open

banking's rolling out and we've all seen

this in terms of the uk and the eu has

been ahead but what we're actually

seeing is that even within sort of

lagging markets such as the us we're

seeing aggregators and data providers

making a bit of progress here really

which which is which is good which is a

a real benefit

what we're also seeing is that

fundamentally as i mentioned these

non-financial actors these tech

companies they want to broaden their

revenue bases they want to

expand what they can count what they can

offer

we're starting to see this being

explored facebook pay for example is a

good it is a good example of where

financial services have been built into

something that's

traditionally not financial so

we we're starting to see this happening

and we'll see a lot more of this this

year

and

also

open finance the capabilities are here

psd2 the second payment services

directive within uh the uh within the eu

and the

cma's initiatives with the uk they had

quite a restricted scope in terms of

enabling access to bank accounts what

we've seen is that the apis and the

connections on offer are already far

beyond what psd2 or the cma's

intervention really envisioned so

we're seeing significant capabilities

here which will really come to bear

through this year

and so who's going to benefit from this

and this is really important i think

open banking infrastructure providers

who can sell their solutions to wider

markets this is of obvious benefit to

them open banking open banking is a

smaller pond than open finance there's

many more people they can uh sell to and

we've got all kinds of different

infrastructure providers

in this case we've we've chosen three

but there are

a huge number of potential uh

beneficiaries here

we're thinking about banks they can

offer broader aggregation services to

their users and that will enable them to

really become a sort of go-to partner

and that one-stop shop for financial

activities allowing them to become that

hub of financial activity that can be

really powerful if that's done correctly

so they will be

really really keen to see that

fintechs and lenders we've traditionally

had this problem of

accessing uh credit if a user is what's

called a thin file if they don't have

much credit history

being able to access these things in

this way will really have benefits and

this will benefit all sorts of fintechs

and lenders we've already seen american

express launch a

pay using open banking feature in in the

uk and we anticipate that other lenders

will strongly benefit from this

and also we're going to see

non-financial services vendors who can

access those new revenue streams we've

talked about that will

include people like meta formerly

facebook

as well as big technology companies like

uber who who want to offer something

different so i think there's a huge

potential here

so we forecast that by the end of 2022

we're going to see 57 million global

users of open banking which is highly

significant we can see that there that

that is quite strongly weighted towards

europe although progress is being made

in other markets

and you can see a lot more and find out

a lot more information on on what we uh

cover in open banking in our related

research so

we have a open banking research report

that's linked here as well as a embedded

finance research so i would recommend

you check those out

and and with that over to susanna for

number two

thanks very much

thanks very much nick

so this is our number two trend digital

wallets and by now pay later to merge

so what's happening

so digital wallets such as paypal apple

pay google pay have seen huge success in

the past few years and these were very

much these wallets are very much focused

specifically on making the process of

in-store payments at point-of-sale and

online easier

so this focus on providing easy

e-commerce or p2p payments

has enabled companies such as google

apple and paypal to achieve a really

strong presence across the payments and

retail ecosystems

and you know as we've spoken about

earlier the pandemic has also been a

driver of digital payments

however we're also seeing the digital

wallet space becoming more and more

crowded banks merchants fintech startups

are all getting in the action and

they're all competing for the the same

pool of customers

so differential differentiation has been

a really difficult challenge for a lot

of these wallets they generally now all

offer in-store and online payments um

and given that most of them have a high

level of integrations acceptance is not

really a differentiator either

so

we've also seen a rapid rise in the use

of buy now pay later

in the uk alone um by now later provided

clarner their mobile app was downloaded

by around a million users between

january and july 2020 alone

so you know during the pandemic and by

now later may offer a point of

differentiation for these wallets it

might appeal to the younger demographic

in particular

um and in 2022 we we're going to

increasingly see digital wallet by now

play later service becoming merged

so we are also increasingly seeing some

commonalities in the offerings of buying

our payload providers and products and

the similar products from established

digital wallets such as paypal so as you

can see here planner and paypal pm3

which is paypal's

buying our pay later offering they both

offer online purchases with no fees

payable in three monthly installments

and with no interest

so why 2022

well

the pandemic has been a really

big growth driver of online purchases

um shopping habits have perhaps now

permanently shifted away from offline um

and digital it's really gaining traction

in e-commerce payments

um with the pays in particular oem pays

gaining a global share of the

contactless payments market

and binary pay later itself has seen a

really significant growth in the last

two years

services such as clarner after pay

become really really popular to put this

into perspective a little bit a recent

payments report undertaken in

collaboration with paypal found that

around 25 percent of consumers who have

not used finance later would be highly

interested in using a solution such as

that if it was part of a digital wallet

um in addition some of the digital

wallet services as we see paypal have

already rolled out by now pay later or

are planning to up to launch them apple

pay according to reports are very close

to doing so

also some of the um buy now pay later

providers are becoming much more

wallet-like so clark now offers a

virtual virtual card

that can be used anywhere

and more recently they've launched a

physical card

spanish bank santander is planning to

launch its own by now payet app zinnia

across a number of european markets

so who's going to benefit

well um digital wallet providers

offering binary pay later will enable

them to add a lot of value to their

offering and really differentiate

themselves and ultimately more

effectively compete with the other

wallets

as i mentioned a moment ago apple is

launching buy now pay later with goldman

sachs

and google has previously partnered with

afterpay to offer

buy now pay later services in selected

u.s stores

but by now pay later providers um

inclusion in wallets um will allow them

a much broader access to a much broader

customer base

and really increase their geographical

reach

for merchants the

any increase in buying a pay later and

the ability to use it will enable

them to drive sales reduce car

abandonment especially for those higher

priced items

um and for consumers increasing

availability of binary pay later through

the wallets that they already use

will offer them much more flexibility

greater spending power

and it will

provide a way for them to manage their

money by a very easy to use interface

and perhaps increase the likelihood for

them to choose that wallet as a payment

method

so we expect that the number of people

using digital wallets in 2022 will reach

3.6 billion

which represents a very considerable

opportunity

we're already seeing the rise of the

super app such as wechat go check grab

in certain markets

and these these super apps allow an

increasing number of consumer needs to

be met via a single app

and this is really demonstrating that

there's increased customer and consumer

interest in integrating an increased

range of functionalities within a single

app

you can find more information on the

current status and future prospects for

the binary later market in our buy now

pay later

research and also in our digital wallets

research

um on available on the juniper research

website

and now we go back to nick for trend

number one

great thanks susanna um

so we've made it to the trend number one

and this is a really important trend i

believe over the next year and beyond

so

fundamentally what's happening in this

market we're seeing e-commerce activity

um has skyrocketed we've seen a strong

acceleration in e-commerce activity

during the pandemic we've had new users

to e-commerce who used it for the first

time during the pandemic and we've also

seen people who

already used e-commerce services expand

that use so we've seen sort of

fundamental changes to how this how this

looks

and much stronger digitization during

this period which we expect to continue

fundamentally what that means is the

e-commerce fraud is also growing we've

seen many many times over the years that

whenever there's a significant change in

customer behavior that presents a whole

new set of opportunities for the

fraudsters to exploit

the shift to increasing e-commerce

activity means that there is a much much

much broader threat vector and threat

landscape in terms of how these

consumers can can be targeted so we're

seeing that shift from card present to

card not present and other types of

fraud in a in an online sense

so that that's really significant and

and we are seeing that surge

fraud detection and prevention vendors

aren't staying still when they see this

they're seeing this that things are

changing they can see these changes and

these threats coming over the hill

so they're really looking to expand

their technological capabilities to

combat this rising fraud risk

and there are a few ways they're doing

this

machine learning tokenization and

biometrics are coming to the fore

and

really they're going to be key in the

arsenals of these technology providers

in terms of providing a more proactive

secure and really

very much more consistent experience in

terms of what that anti-fraud journey is

so this is this is going to be uh

different and sort of enable them to

cope with this increased search

so let's unpack this a little in terms

of what we mean

so

machine learning

there's a lot said about machine

learning and it's often used

interchangeably with artificial

intelligence and there's a lot of noise

around machine learning

what machine learning actually is and

what it does is when a model is

correctly built it can allow for greater

scale and faster results and that is

really important when the speed of

payments we heard a bit about instant

payments earlier when that speed of

payments is increasing quite rapidly

it can enable

passive monitoring rather than active

interruptions so really

enabling fraud indicators to be used in

a passive way not actually requiring the

users to take any active

um decision or do any tasks

and it also reduces false positives i

think it will be a a

news to no one that traditional

rules-based systems are

can be quite difficult to work with they

can require a lot of manual intervention

and a lot of sorting through those so

that can be really difficult and require

a lot of a lot of work

tokenization again is is very important

it disguises important payment details

um it replaces those with a token which

which is fundamentally really really

useful in ensuring that that stays

secure even if the actual communication

is breached it improves user confidence

fundamentally having this

tokenized capability and so this is a

key area of focus for payment providers

we've seen biometrics as well

now there's there's sort of two layers

of benefit here in terms of

it adds security in terms of it actually

works it can prevent the thrust of

gaining access

but it also increases confidence in

terms of it adds that visible security

check it adds that reassurance of seeing

that something very deliberate is being

done to check that security is in place

check that it's the right user so that

that's important

we continually see biometrics advancing

to match frauds to tactics um we've seen

all of the

uh concerns around deep fakes around um

masks to full facial recognition and

we're seeing all sorts of things like

liveness detection and all sorts of

elements to which are helping to um

combat that

and it adds security layers over and

above existing measures which is

important in really advancing the

overall security capability

so

why is this going to happen in 2022

as we've seen e-commerce fraud has been

rising rapidly with the pandemic's

impact so it needs to happen in 2022 to

cope with this increased surge

and that's a really important point that

it needs to happen

tokenization is increasingly important

and mandated by regulators for example

changed rules in india by the reserve

bank of india are leading to universal

tokenization deployment for online

payments which is highly significant

what we're also seeing is that

biometrics is critical to actually

fighting this fraud

it's been said many times before but it

is fundamentally true that if you can

actually 100

identify that user and really understand

that they are who they say they are you

can massively reduce that fraud risk and

that's something that vendors in the

space know that's something merchants

know that's something banks know so

enabling that and getting closer to that

100 picture of who somebody is is is

really important and that that is an end

goal that biometrics can really help us

get to

so who's going to benefit from these and

what changes are we going to see here

so

e-commerce merchants they're going to

see a greater ability to cope with with

the fraud they're seeing

we've picked here sort of three of the

largest e-commerce merchants but there

are so many other merchants that we

could put here because this is going to

have a big impact across the board in

terms of how these merchants cope with

fraud which they're increasingly beset

by

it's also we're also going to see

big benefits for fraud detection and

prevention vendors and they're going to

add these new capabilities such as

machine learning and predictive

analytics but based on that machine

learning

their services will become more

compelling for their users which is

fundamentally what they want

again we've selected some some vendors

that focus on sort of machine learning

based solutions which who stand to

benefit

also we're going to see end users

they will

suffer less due to fraud that will lead

to

less risk of losses to them and less

accompanying effects being defrauded is

stressful it's

a difficult thing and it's it's

it's something that that can affect

people so reducing that risk is is

really uh beneficial beyond just the

simple monetary values

so then looking at the size of the

opportunity so so we saw that the total

we see that the total transaction value

of e-commerce fraud in 2022 by the end

of the year will be 39 billion dollars

globally

and that's split by several different

segments with physical goods being

highly significant there so this is

something that we're going to have to

the market is going to have to move on

very quickly

and it will to make sure that it reaps

these benefits from these technological

changes that are underway

if you want to learn more about

e-commerce fraud and these changes to

reshaping this market please have a look

at our related research um online

payment fraud and mobile payment

security both cover this area really

really well

so let's recap what um what we've said

so at five we had instant payments

accelerating but still room for

innovation

before we had digital identity will

crystallize around the wallet-based

approach

at three we had open banking to

transform into open finance and embedded

finance

at two we had digital wallets and bmpl

to merge

and at one we had surging e-commerce

fraud to accelerate machine learning

tokenization and biometrics

so that brings us to the end of our top

fintech and payments for addictions for

2022 webinar um i hope you found this

insightful and interesting

once again please download those related

reports i mentioned and if you need any

further assistance you can contact us

directly on the contact details provided

here

once again thank you all for joining and

it's goodbye from us for now