Embedded finance is transforming the financial services industry by integrating payment processes directly into non-bank apps and software, enhancing the customer experience. Alan Irwin of Global Payments discusses the growth and benefits of this trend in an interview with FinTech Magazine. Embedded payments, which are set to reach $6.5 trillion by 2025, offer ease of use and are a massive growth opportunity for businesses. The COVID-19 pandemic has accelerated this shift, encouraging consumers to enjoy seamless transactions without switching platforms. Financial businesses are utilizing embedded payments to improve customer loyalty and reduce cart abandonment rates, with innovative methods such as card data storage and tokenization streamlining the purchase process.
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