The tectonic plates of the payments industry are shifting. Consumers, drunk on the instant gratification of the digital age, demand frictionless transactions. Businesses, ever the pragmatic bunch, yearn for faster cash flow. Meanwhile, on the periphery, a swarm of disruptive technologies – open banking, AI, blockchain – buzz with the potential to reshape the very fabric of commerce.
With those insights in mind, the 2024 payments event calendar promises us a year of reckoning for the payments industry, a crucible where these trends will be forged into the realities of tomorrow.
These are the five key themes that will dominate the conversation at industry gatherings throughout the year, teasing out their implications for a future where the act of paying for goods and services might just become unrecognizable.
1. The Rise of Open Banking and Embedded Finance
Open banking, which allows third-party providers access to customer financial data with consent, is poised to revolutionize the financial services landscape. This trend will be a major focus at events like the Open Banking Expo Canada 2024 (Toronto, June 11th) and similar events happening throughout the year in which discussions will likely delve into the latest regulations, security considerations, and innovative use cases for open banking.
One key trend enabled by open banking is embedded finance, where financial services are seamlessly integrated into non-financial applications. Embedded finance offers a frictionless and personalized user experience, and we can expect to see major announcements and partnerships related to this trend at events, particularly later down the year at Money20/20 USA in Las Vegas (October 27-30) FMLS:24 in London (November 18-20).
2. The Continued Ascendancy of Real-Time Payments
The ability to send and receive payments instantly is rapidly becoming the norm. Faster Payments conferences like those happening around the globe will certainly showcase the latest advancements in real-time payments infrastructure, including cross-border initiatives and instant settlement solutions.
This trend is driven by consumer demand for immediate gratification and the need for businesses to improve cash flow management. As real-time payments become ubiquitous, we are highly likely to see the emergence of new business models built around the concept of instant settlements and micro-payments. Events like the Global Payments Summit (Kuala Lumpur, June 12-14) will likely explore these new business models and their implications for different stakeholders.
3. The Growing Role of Artificial Intelligence and Machine Learning
AI and ML are transforming every aspect of the payments industry, from fraud detection and risk management to customer onboarding and personalized payment experiences. Events such as the AI in Payments Forum will be hotbeds of discussion on how these technologies are being leveraged to create a more secure and efficient payments ecosystem.
We can expect to see practical applications of AI and ML showcased at venues like Fintech Week London (June 10-14).
4. The Maturation of Blockchain Technology
While blockchain has yet to live up to its initial hype, 2024 could be the year it finally starts to gain traction within the payments industry. The upcoming Paris Blockchain Week (April 9-11) and similar conferences throughout the year will showcase concrete use cases for blockchain in payments, such as facilitating cross-border transactions and streamlining supply chain finance.
One of the key challenges for blockchain adoption is scalability and regulatory uncertainty. However, with advancements in Layer 2 solutions and ongoing dialogue between industry players and regulators, we are 100% expecting to see more pilot projects and real-world implementations of blockchain technology in payments. Events such as SIBOS (Beijing, September 21-24), a major conference focused on financial services, are bound to feature discussions on the evolving regulatory landscape surrounding blockchain.
5. The Evolving Landscape of Cryptocurrency Payments
Cryptocurrencies continue to be a topic of debate within the payments industry. In Texas, Consensus (May 29-31) shows promise by exploring the regulatory landscape surrounding crypto payments, the role of stablecoins, and the potential for CBDCs.
The widespread adoption of cryptocurrencies as a mainstream means of payment might not be so far out away as we think as there's certainly been a growing interest in exploring their potential for specific use cases. In that regard, Seamless Middle East (Dubai, May 14-15) will focus on these payments in great detail, considering the region's growing adoption of digital technologies.
Conclusion
Industry gatherings throughout the year will serve as crucibles where these trends are debated, refined, and ultimately forged into the realities of tomorrow.
These advancements promise not just convenience but also entirely new business models, new customer journeys, and new financial experiences. The future of payments may very well involve invisible transactions, instant settlements, and a level of personalization that transcends anything we've seen before.
The conversations happening at industry events in 2024 offer a glimpse into this exciting new world, and the decisions made today will determine the shape of payments to come. Buckle up, because the ride promises to be exhilarating.
