The world is in the middle of a tech revolution. And the payments sector is arguably the most affected. Consumers want more control over their finances than ever; and how they pay for items, manage their budgets, and spend money is changing on a daily basis. Traditional financial institutions, such as credit unions, must learn from the rising demand in payment options and adapt.
Fintech is chasing consumers’ digital experience demand. Nearly $60 billion was invested in fintech in the first half of 2018, including the $12.9 billion acquisition of Worldpay by Vantiv, according to Chris Skinner’s Blog. The investment in the first half of this year exceeded all of 2017!
As a result, new fintech players are popping up every day, and any one of these new technologies could be the next change catalyst in payments. To help busy credit union executives keep up-to-date on the terminology, WorldPay has developed this handy cheat sheet of commonly used terms in the payments market.
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