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Industry Landscape
The digital payments industry is experiencing rapid growth, driven by increasing e-commerce adoption, mobile payments, and demand for faster, more secure transactions. Open banking initiatives and technological advancements like blockchain are fostering innovation. Competition is fierce, with established players and startups vying for market share. Regulatory developments and security concerns continue to shape the industry landscape. The shift towards contactless payments and digital wallets is further accelerating growth.
Total Assets Under Management (AUM)
Digital Payment Volume in United Kingdom
~£81 billion (2021)
(10.5% (estimated) CAGR)
- Increase in online shopping
- Rise in mobile payments
- Growing adoption of digital wallets
Total Addressable Market
1.5 Trillion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
AI in Fraud Detection
AI-driven fraud detection enhances security by analyzing transaction patterns in real-time, significantly reducing fraudulent activities and chargebacks.
Blockchain Payments
Blockchain technology ensures secure and transparent transactions, reducing disputes and building trust among consumers and merchants.
Biometric Authentication
Biometric authentication offers a seamless and secure payment experience, reducing reliance on passwords and enhancing overall security.
Impactful Policy Frameworks
PSD2 Strong Customer Authentication (SCA)
The Payment Services Directive 2 (PSD2) mandates Strong Customer Authentication (SCA) to add extra layers of security to electronic payments.
PSD2 SCA compliance requires Banked to implement strong customer authentication, enhancing the security of online payments and reducing fraud risks, which aligns with Banked's focus on enhanced security.
Open Banking Implementation
The Open Banking initiative in the UK requires banks to securely share customer financial data with authorized third parties.
Open Banking regulation allows Banked to access customer account data with consent, fostering innovation in payment solutions and personalized financial services, which is crucial for expanding its open banking payment options.
General Data Protection Regulation (GDPR)
The General Data Protection Regulation (GDPR) sets guidelines for the collection and processing of personal information from individuals within the European Union (EU).
Data protection regulations mandate stringent data handling practices, forcing Banked to invest in robust data security measures and ensuring compliance with data protection laws, aligning with their emphasis on security and compliance.
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