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IndustryUpdate

Splitit joins #OpenWeStand movement Fintech industry report
2020–2025 released
Splitit, a global payment platform that enables shoppers to pay installments
via credit card, reported that it joined GoDaddy's growing #OpenWeStand The Global Fintech Market report
movement as part of more than 70 brands contributing resources, tools from Research and Markets stated
and insights to help sustain entrepreneurs and small businesses during the the fintech market is anticipated
COVID-19 crisis. Splitit said that in joining the movement, the company to grow at a CAGR of around 20
pledged to offer small businesses access to more qualified consumers by percent from 2020 to 2025 and reach
breaking down barriers to payment and leveraging the credit they already a market value of approximately
have to make purchases. $305 billion by 2025. According to
the report, the key reason for this
RESEARCH growth includes high investment
in technology-based solutions by
banks and other financial services
Mastercard marks surge in digital payments firms. In addition, infrastructure-
With constraints imposed due to COVID-19, consumers are adopting new based technology and APIs are
payment habits at an accelerated pace, according to a global study by reshaping the future of the finan-
Mastercard conducted in 15 markets. Consumers are increasingly moving cial services industry, and financial
away from cash and opting for contact-free and digital payments experi- technology companies are deliver-
ences, the card brand disclosed. Ecommerce is also surging, with Mastercard ing low-cost personalized products,
SpendingPulse reporting record growth rates across the globe as consumers which is leading to rising customer
increasingly shop online. As our payment behaviors evolve, two notable expectations and boosting the mar-
trends emerge in our research: In store, a massive move away from cash; ket growth globally, researchers
globally, almost seven in 10 consumers say the shift to digital payments will noted.
likely be permanent, and nearly half of consumers plan to use cash less, even
after the pandemic subsides, Mastercard stated. PARTNERSHIPS

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Payway, RSPA team up

Payway, an integrated payment
processing solution, is partnering
with the Retail Solution Providers
Association to provide its solu-
tion to RSPA members. Association
members include resellers, distribu-
tors, hardware manufacturers, soft-
ware developers, consultants and
service providers that bring retail

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