Beyond PayTech – The Future of Payments
According to the latest FinTech report by Statista, the average transaction value per user in the Digital Payments segment is projected to amount to US$1,400 in 2020, and this is expected to increase by nearly 30% to reach US$1,800 in 2024(!) Subsequently, there is no wonder why these questions have caught the attention of many major banking institutions for the past several years, along with the GAFA giants. Some answers were swift with the launch of Apple Pay & Google Pay. Facebook (NASDAQ: FB) is in the midst of refining the Libra cryptocurrency, and Amazon (NASDAQ: AMZN) recently announced its palm payment technology, which lets shoppers at physical stores pay for their purchases by scanning the palm of their hand.