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Industry Overview

The global payment industry revenue totaled US$ 1.9 trillion in 2020 – the dynamic payments industry continues to change at a fast pace with financial technology innovation, shifts in consumer expectation, and new regulation all contributing to its evolution. The unrelenting impact of pandemic has further created an urgent need for reliable and on-demand access to digital payment solutions. We are now in the midst of a global trend of digitization of commercial and consumer transactions at an accelerated pace. With the persistent threats to lives and livelihood, contactless interactions have become more and more an integral part of all kinds of transactions. The present challenge for Fintech players therefore is to adapt fast to this new normal world and constantly innovate to offer services with clear value proposition for consumers.

There is an urgent need for businesses to embrace enterprise-wide agility. More so for global fintech firms with their business model structured around digital flow. Zoompass’s primary business market benefits from these digital headwinds and other favorable macrotrends:

Growing Acceptance Blockchain technology, Payment Network and Digital Currency:

Blockchain technology has started gaining mainstream support — with its applications spread across different vertical industries. Global Success of Blockchain Payment Technology firms such as Ripple , Stellar , Consensys validates the potential of regulatory approved permissioned Blockchain Payment Network.

The total market value of all cryptocurrencies (excluding Bitcoin) now exceeds $1.3 trillion. 


The 100 plus billion-dollar DeFi (Decentralized Finance) assets continues to grow at an accelerated pace offering innovative use cases and the potential to digitize, democratize and transform global finance.

In USA, the Big 3 bank tech vendors (FIS, Fiserv, and Jack Henry) are now offering mid-size banks to integrate crypto services into their core and digital banking platforms.

With both Visa and Mastercard getting into the crypto space, the global payment network for fiat-crypto interoperability is slowly becoming a reality.

Finally, stablecoins and the introduction of multiple CBDCs will expand the business use cases for digital currencies – driving incremental collaboration among diverse set of stakeholders for ecosystem-based platforms.

Collaboration Powers the Network Effect

Collaboration between banks and fintech firms are becoming industry norm for payment innovation that scales. Collaborative partnership within ecosystems allowing firms to multiply capabilities and reach without huge capital investment. Fintech and Bank collaboration enables APIs and open banking initiatives, delivering finally a unified mobile payment experience for the consumer.  

Increasing Investments in Digital Payment Infrastructure

Banks and other industry incumbents are also prioritizing modernization of their infrastructure to augment their digital first strategy and cloud enabled infrastructure to address rapidly evolving customer preferences and identify new revenue streams.

Growing Internet usage and Smartphone Penetration

Rapid expansion of access to internet and the growing market penetration of smartphones are contributing to significant growth in mobile shopping and payments – adoption of e-commerce and m-commerce.

Consumers Affinity for Rewards

Consumers demand more rewards and are willing to switch payment service providers to get it. Payment players are leveraging technology for innovative rewards, delivered seamlessly in real time.

Wallet as a Service – Increased Outsourcing by Banks

For many banks, Mobile Wallet development, deployment and ongoing operation has come to be regarded as a “non-core” activity and outsourcing is seen by bank management as a way to increase their focus on their core business. This trend of “Wallet as a Service” has been gathering momentum in 2021.

M&A as a Strategy to Expand Capabilities, fill in Adjacencies and Market Share 

Incumbents, global fintech players and blockchain payment firms are all aggressively pursuing M&A opportunities to both expand capabilities and scale transaction volumes.

Zoompass firmly believe its business operations benefits from these macroeconomic and socioeconomic trends. Zoompass’s long-term structural competitiveness is based on customized value-added solutions revolving around: