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Transformation of business payments in 2022.

Business payments are one of the endpoints that indicate the success of how certain payment technology disrupts the financial landscape. 

Let’s dive deeper into the technologies that rock the payment market this year and transform business payment!

Embedded finance

54 percent of European business leaders stated they would explore embedded finance in the next year, focusing on payments according to a report by OpenPayd.

Embedded finance is an easier and more comfortable way for businesses to embrace financial services, and is one of the crucial tools for elevating the customer experience. 

A global Accenture survey of 2,500 SMEs in 10 markets confirms that SMEs are interested in embedded finance solutions from digital platforms. Embedded finance is a rapidly growing landscape. For example, The BaaS technology used as the underlying technology for embedded finance is driving the innovative changes enabling businesses, for more comprehensive and agile service delivery. 

Due to BaaS technology, consumers can access the banking services that are within the platforms and interfaces they use in the day-to-day flow of life and work. A company can integrate the flow of financial services on its website via API so that customers do not have to enter their credit card details for each transaction, suggest the option of payment by installments for online purchases, offer integrated insurance services, or issue its own credit cards under the business brand name. 

Buy Now Pay Later

Buy Now Pay Later was in the spotlight last year and is going to keep the trend as the range of products for BNPL purchase would objectively expand. As an embedded finance derivative BNPL presents a sustainable business model for businesses. Though the percentage is still low, the technology is taking its part of the market by leaps and bounds. As Yobota research states, 44% of banking and finance firms plan to invest in buy now, pay later, or other embedded finance solutions in 2022. 

Open Banking 

Research and Markets report states that the open banking adoption rate will have a rapid increase this year as the technology expands globally and mostly in Europe. 

This growth is reasoned by the fact that open banking opens doors for previously unreachable markets, creating new business models and opportunities for financial inclusion. 

Open Banking creates an extensive financial opportunity and potential to disrupt the financial services space. The technology drives accessibility and convergence in financial services enabling more optimized processes and growing exponentially with the benefits it provides the merchants and customers.

Open banking connects banks, third parties, and technical providers – enabling them to simply and securely exchange data to their customers’ benefit. With access to financial data, the parties create a sort of integrated space where the rapid exchange of information enables more agile and flexible payments. Financial management tools, tailor-made products induced by open banking technology a unique and integrated space enables for a more sophisticated approach, leveraging wide financial opportunities.


In 2021 cryptocurrency changed its position of being treated as a high technology gig to a really valuable payment asset. 2021 was a prominent year for crypto since its value as a payment asset was appreciated by major payment networks such as Visa and Mastercard. 

The implementation of crypto payments into daily transactions was a serious and strongly supportive step in the wider adoption of crypto payments. The perception of crypto as an investment and payment asset will also prevail in 2022, opening space for deeper development and stabilization of crypto. In 2022 regulation issues will take a stake regarding cryptocurrency. 

Regulators will show a more constructive and consistent approach leaving no place for ambiguity and controversial issues. As for business payments, the acceptance of new forms of payments is deemed as vital to their business growth by most businesses. 

Based on a study of 2,250 small business owners in  Brazil, Canada, Germany, Hong Kong, Ireland, Russia, Singapore, United Arab Emirates, and the United States markets,  published by card company Visa, 24% (540) SMEs said they plan to accept digital currencies such as the cryptocurrency Bitcoin.

The transition to crypto acceptance is fundamental as it opens a vast field of opportunities for SMEs, providing the transition to settlement and payment methods with strong security management. 

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