The year 2019 can be hailed as revolutionary for payment ecosystems, mainly owing to the erasure of the differences between traditional banks and innovative non-bank players. FinTech companies, together with PSPs (Payment Service Providers), adapted to the changes brought about by key financial companies, which included security innovations, implementation of NFC technologies, development & popularization of mobile/digital payments, and more.
The changes also affected traditional banks in 2019, making them realize that they cannot fully compete with FinTech companies in providing the whole range of financial solutions. These issues have led toward new cooperation opportunities between banks and new payments ecosystems.
