Innovation has always happened in the payments industry, from the noughties and the launch of chip and pin, to the 21st century’s contactless advancement. As well as this, payments innovation has brought benefits through lower fraud and customer satisfaction, just to name a few.
Starling Bank is one example of a company continuously wanting to innovate, with its real-time payments to individuals and businesses. Julian Sawyer, the bank’s chief operating officer, says: “Real-time, frictionless payments have the potential to change things. If you can pay your staff or your suppliers quickly, people are probably going to say they prefer working with you.”
The future of payments was officially confirmed in 2016, when Fintech became an official word by the Oxford Dictionary and its rapid growth rate means the future is an exciting one for the whole industry.