- March 22, 2022
- Posted by: Bastion team
- Category: World News
The pandemic prompted businesses in almost every sector to rethink the way they carry out their operations, including when it comes to B2B payments.
In the wake of the pandemic, many of these companies looked for ways to streamline internal processes while offering cost-friendly payment options to suppliers and other key business partners. The solution they found was embedded finance.
This option offered value for both B2B and business-to-consumer (B2C) applications, and it is expected to expand rapidly over the rest of the decade.
Embedded finance lets businesses offer sophisticated payment and banking services directly to customers and suppliers, ridding themselves of many of the historic frictions associated with B2B payments, particularly as these transactions are usually made in real time.
Embedded finance experiences, which allow payments to be integrated into previously nonfinancial processes or platforms, are growing in popularity on the consumer side, with nearly a quarter of consumers in a study reporting use of buy now, pay later (BNPL).
Data from PYMNTS’ latest ConnectedEconomy™ research also shows a rise in popularity in online and mobile banking, with 35% of those surveyed saying they make transactions online using mobile apps from their financial institutions (FIs) at least once per week.
Meanwhile, more than 70% of European brands say they are looking to launch embedded finance features in the next two years, and industry analysts predict that these…