Page 30 - GS210402

Education

finance companies are becoming financial services become finance companies by using their own brand
companies. This is because a large chunk of their revenue names for the solution, with the power behind said
is derived from financial services they fully embedded into solutions coming from an innovative banking-as-a-
the already existing daily experiences of their customers. service provider that secretly manages the nuisances of
the transactions.
Fintech researchers Simon Torrance, author and presenter
at New Growth Playbook, and Matt Harris, a partner at The rise of the payfac
Bain Capital Ventures, estimated that by 2030, embedded This entire movement is likely to lead to the creation of
finance will be a $7.2 trillion global market opportunity, more payment facilitators (payfacs).
with $3.6 trillion of that coming from the United States Payfacs register with the card brands and allow their
alone. customers (sub-merchants) to accept bankcard payments
Embedded payments is a huge market driver with a much faster, more efficient and streamlined
onboarding process.
A huge driver of this market opportunity is the embedded
payments portion. Rather than having the payments Join me in the next edition of Street SmartsSM, as I
process as a separate isolated experience, companies continue this discussion around embedded finance and
are and will continue to directly integrate or embed zero in on the benefits, drawbacks and nuisances of the
the payments portion right into the mobile application, payfac model.
POS software, ecommerce shopping cart, etc., that their
customers are already using. A great example is how Uber John Tucker is U.S. enterprise sales director for TreviPay (www.trevipay.
and Lyft have completely embedded the payment process com) and has over 14 years of B2B sales experience in commercial
into their application.
finance. Tucker is an MBA graduate and holder of three bachelor's
With the ability to white label the embedded payments degrees in accounting, business management and journalism. To con-
feature, non-finance companies can now, in essence, nect with him, feel free to send him a connection invite via LinkedIn at
www.linkedin.com/in/johntucker99/.