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Europe continues to see rapid adoption of emerging payment technologies as consumers in digitally savvy countries like Sweden and the UK continue to drive adoption of methods like contactless across the region. In our latest infographic we take a look at what the latest numbers tell us about the evolution of payments in the region and what they tell us about the future of cash, cards and contactless.
The hype might be soaring around fintech right now, but investing in the financial services of tomorrow is nothing new for legendary Silicon Valley startup accelerator Y Combinator (YC). From PayTextMe in its first batch over a decade ago, to the likes of Stripe, LendUp and WePay, Y Combinator has invested in some of the world’s most promising financial tech companies.
Balancing the need for regulation with allowing innovative ideas to flourish is tough, and nowhere more so than in finance. That’s precisely why the UK’s progressive approach to regulating fintech companies stands out in Europe and the wider world.
What is the role of traditional banks moving forward in an increasingly digital world. Will they adapt or die?
The European payments and fintech space has built strong momentum over the past couple of years, boosted by favorable regulation in key markets like the UK and surging investment in financial tech startups. But what needs to happen to sustain that growth, what role should the banks be playing, and what’s next for this industry?
Adoption of digital financial technology continues to accelerate in Europe with markets like the UK and Sweden leading the push from cash and cheque to contactless, mobile and online payments.
Giftcards might be the most commonly known form factor of prepaid, but with healthcare, payroll services and financial inclusion just three areas where prepaid is accelerating it’s clear this industry is just getting started.
From biometrics to mobile banking, the pace of innovation in financial technology is accelerating faster than ever before. With consumer adoption of digital technology changing the expectations they have of service providers like financial institutions, it’s helping drive rapid change in an industry that’s remained largely the same for hundreds of years.
Innovation in technology is creating the opportunity for traditional finance players to streamline their business operations, compete more closely with their peers and offer customers a better deal. But with clunky legacy systems and a broadly conservative approach to change, integrating new technology is tough even when the will is there.
